XRP (XRP) is one of several major altcoins that seems to be reversing its trend upward, after a long period of correction, and as Bitcoin (BTC) dominance falls. Important resistances have been broken, suggesting a longevity to the new trend.
We start on the daily XRP/BTC chart, where we can see exactly what has been achieved. XRP has broken both a horizontal and diagonal resistance, converging at about the same spot. Volume has already outpaced the previous day’s, despite being only about halfway done with the trading day. This looks like a breakout with some considerable power behind it.
However, we should expect a pullback in the short term, as XRP is now quite overbought on the daily (not pictured). We can anticipate a retest of the breakout area at around 3300 satoshis -- although there is no guarantee that price will not just continue up from here.
Moving to the daily XRP/USD pairing, we see a slightly less bullish picture -- but mostly because the USD chart was wrecked during Bitcoin’s breakdown about three weeks ago. Here, XRP is regaining the 55 EMA and steaming for important resistance at about $0.28. Again, volume here has already outpaced the previous day’s, with almost a half a day left of trading. Read More...