Libra Testnet Surpasses 50,000 Transactions Since September Launch

39m
cryptocurrencynews

Make No Mistake, Crypto is Still Hated by Beijing Despite Bullish...

39m
newsbtc

Kanye West & Kim Kardashian Are Gunning for the White House in 2024

1h
cryptonewmedia

China’s Mobile Payments Show ‘Why Bitcoin Will Succeed’

1h
beincrypto

Crypto Markets Continue to Drop, Bitcoin Briefly Slips Below $8,200

1h
cointelegraph

The Commodity/Cryptocurrency Evolution is Upon Us

1h
bitcoinwarrior

Ethereum (ETH) Likely To Enter A New Bear Trend Against Bitcoin (BTC)

1h
cryptodaily

Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

1h
cointelegraph

Biggest Bitcoin Mempool Since January 2018 Cleared in Only 2 Days

1h
bitcoinnews

Udi Wertheimer: TRON Will Soon Overpower Ethereum

1h
livebitcoinnews

Bitcoin Futures Options: Movement and market impact in 2020

1h
bitcoinwarrior

Venezuela's Petro Has Over 27,000 ‘Affiliated Businesses’, Nicolas Maduro Claims

2h
cryptoglobe

Best Bitcoin Debit Cards – Complete Guide for 2019

2h
bitcoinwarrior

Bitcoin vs Ripple: Who will stand the test of time?

2h
bitcoinwarrior

LocalEthereum Shifts Focus to Additional Currencies Under the LocalCryptos Banner

3h
nulltx

Bitcoin adoption in these industries would boost 2020

3h
bitcoinwarrior

LocalBitcoins enters Finland under FSA KYC policy

3h
bitcoinwarrior

Analysts: Bitcoin to Target Lower-$8,000 Region Before Next Rally...

3h
newsbtc

XRP Fails To Rally As Ripple Scores Another Huge Remittance Deal; What’s Next For XRP Price?

3h
zycrypto

Researcher Breaks Grin’s ‘Privacy’ Spending Just $60 Per Week

3h
cointelegraph

Bitcoin Ban via Executive Order Increasingly Unlikely

3h
beincrypto

Bitcoin Magazine: Mati Greenspan on The Motion in Bitcoin Markets

3h
letstalkbitcoin

DEX trading protocol Leverj releases major update

3h
cryptonewmedia

Bitcoin Gold Is an Example of a “Good” BTC Fork

4h
livebitcoinnews

RSK Joins Forces With Singapore’s Blockchain Accelerator

4h
cryptodaily


XRP Price Exits Downtrend to Hit Three-Week High

XRP has been on the offensive, having ended a 3.5-month-long downtrend with a move to three-week highs.

The world’s third-largest cryptocurrency by market capitalization clocked a high of $0.2993 yesterday, the highest level since Sept. 21, according to CoinDesk’s price index.

As of writing, XRP has pulled back slightly and is currently changing hands at $0.2879, representing 3.8 percent drop on the day after reaching its local peak.

Notably, prices are up more than 25 percent from the low of $0.2343 registered on Sept. 26. Further, XRP is the third-best performing top 10 cryptocurrency of the last seven days with a 2.2 percent gain.

Binance coin, up 16 percent, is the top gainer, while litecoin has dropped 4.2 percent and is the worst-performing top 10 cryptocurrency of the last seven days.

Bitcoin, the largest cryptocurrency by market value, is currently reporting a meager 0.06 percent gain on a seven-day basis. Also, BTC has been up just 4.5 percent from the recent lows near $7,750.

XRP’s price may continue to outperform BTC in the near future as the cryptocurrency has found acceptance above the widely tracked 100-day moving average for the first time since July 10. The key average is currently seen at $0.2854.

Meanwhile,  bitcoin’s 100-day MA is currently located at least $1,500 above its price of $8,175.

Further, XRP’s technical charts are reporting a bullish breakout, as seen below.

XRP jumped six percent on Monday, confirming an upside break of a symmetrical triangle represented by trend lines connecting Sept. 18 and Oct. 13 highs and Sept. 24 and Oct. 13 lows.

The previous breakout indicated the sell-off from June 26’s high of $0.4923 had ended and the path of least resistance was to the higher side.

That outlook has been halted in the immediate short-term, courtesy of a small sell-off witnessed yesterday (Oct. 15) at 14:00 UTC that brought prices back to prior resistances seen Oct. 8 and Oct. 9.

However, XRP remains bullish in the mid-term should prices remain above the aforementioned 100-day moving average at $0.2854.

As a result, the next major resistance at $0.3218 (Sept. 18 high) stands exposed. The short term bullish case looks stronger if we take into account the above-50 reading on the relative strength index and the higher bars on the MACD histogram – an indicator used to gauge trend strength.

The recent price rise has excited the investor community and prominent traders like Bagsey are expecting the cryptocurrency to trade better bid in the near future.

Even so, there is merit in being cautious, as bitcoin – the anchor for broader markets – is looking weak. If the top cryptocurrency slides, XRP will likely follow suit once more, trapping buyers on the wrong side of the markets.

That could yield a notable price drop. After all, failed breakouts are powerful bearish reversal signals, as noted by popular analyst Nicola Duke.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Sebastian Sinclair contributed to reporting.

XRP image via Shutterstock; charts by Trading View

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments