XRP Races To $0,30 Once More – The Coin Broke Out Of A Two-Year Bear Trend
After a few days of correction in the crypto market, Ripple’s XRP seems to be gearing up once more in order to surpass the important level of $0,30.
At the moment of writing this article, XRP is trading in the green and the con is priced just below this important level of resistance.
Analysists are checking out the forecast for XRP.
XRP just broke out of a two-year bear trend
The online publication the Daily Hodl mentions Josh Olszewicz, an analyst at Brave New Coin, who says XRP just broke out of a 680-day bear trend after climbing above $0.29.
More than that, he said that XRP is now above the 200-day exponential moving average – this is a metric that tracks average price data and gives more weight to the most recent time frames.
He said that the “spot price of XRP is above the Ichimoku Cloud, which is an umbrella term for a collection of indicators that trace lines of support and resistance and track potential shifts in momentum.”
“With February only halfway complete, the monthly volume is 1.15 billion. The Dec 2017 monthly volume was 2.26 billion. There’s a non-trivial chance that XRP is about to explode,” he explained.
$XRP 680-day bear trend over
– above 200-day EMA
– above bear PF
– above Cloud pic.twitter.com/C47ndnVcCP
— Josh Olszewicz (@CarpeNoctom) February 14, 2020
Reactions to the tweet seemed pretty optimistic, with some followers expecting XRP to reach the moon again.
Someone said: “I’ve been following you for a while because I know you’re a smart guy even though we have opposing xrp opinions lol…That said…I’m excited to see you not bearish.”
XRP chart is similar to the one in 2017
Just the other day, it’s been reported that a crypto analyst and technical trader known in the industry as Magic said that he sees parallels between XRP’s performance from this year and the massive rise back in 2017.
You may recall that back then, XRP briefly went parabolic, and was able to clock a “1,532% rally from $0.2352 on December 10, 2017 to an all-time high of $3.84 on January 3rd.”
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.