Altcoin Season: Did It Really Start from XRP?
Updated
After a fairly difficult week XRP is now showing good growth, having gained more than 8% in USDT and more than 9% in BTC over just a few hours.
One of the factors driving this increase is the news of yet another acquisition by Ripple: beginning today, the company is starting to operate in Iceland through the crypto trading firm Algrim which Ripple just bought.
Thanks to the emergence of a great motivator, the XRP/USDT buyers were able to break through the strong technical level or resistance of $0.2500. As a result, we are seeing a wave of growth aimed at $0.2650, which is a mirroring level of resistance. The bullish scenario remains the most likely until the XRP/USDT pair returns to under the $0.2500 mark. We expect that this level is where Stop Loss orders for long positions will be placed.
Please note that the rate drop to under the level of support of $0.2500 is a very bad sign for buyers. If the price holds above this level, it will increase of the renewed growth to $0.2900. Moving Average 200 at 4H has been acting as a sliding level of both the support and resistance for quite some time. It must be noted that the price tested but could not breach the MA 200 mark. It is important to closely watch the market reactions now since the breakthrough of this level will increase the chances of a continued upwards movement
One of the factors driving this increase is the news of yet another acquisition by Ripple: beginning today, the company is starting to operate in Iceland through the crypto trading firm Algrim which Ripple just bought.
Thanks to the emergence of a great motivator, the XRP/USDT buyers were able to break through the strong technical level or resistance of $0.2500. As a result, we are seeing a wave of growth aimed at $0.2650, which is a mirroring level of resistance. The bullish scenario remains the most likely until the XRP/USDT pair returns to under the $0.2500 mark. We expect that this level is where Stop Loss orders for long positions will be placed.
Please note that the rate drop to under the level of support of $0.2500 is a very bad sign for buyers. If the price holds above this level, it will increase of the renewed growth to $0.2900. Moving Average 200 at 4H has been acting as a sliding level of both the support and resistance for quite some time. It must be noted that the price tested but could not breach the MA 200 mark. It is important to closely watch the market reactions now since the breakthrough of this level will increase the chances of a continued upwards movement
Trade active
Last week, we talked about the launch of Ripple's operations in Iceland, where it bought a crypto trading firm Algrim. This development served to give strong support to XRP. Now CZ reports that BinanceChain and BinanceDEX traders and investors are able to trade XRP with high liquidity.In spite of these moderately positive news for XRP, the buyers activity remains low, which may also be due to the general uncertainty in the marketplace.
Nevertheless, the technical indicators RSI and Stochastic point towards the buyers' interest. Because of that, the breach of the technical level of resistance of 0.2600 will allow to expect the upswing towards the important technical level of resistance of 0.2900. This level has been formed back in December 2018 and has held as the main support of D1 for quite some time. It is important to note that this level of resistance is where the trend line drawn at max D1 marks is located, giving this trend a boost.
Last time we put an emphasis on the 0.25 mark, but, as we can see, it has been breached, although the price didn't go too far down. The bullish scenario remains the most likely.
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