XRP Joins Crypto Bull Run as Massive Longs Push Price above $0.32
The crypto-markets has been witnessing massive gains in the last couple of weeks. Almost all the top cryptos: ETH, BCH, BSV, LTC, etc. have been recording massive gains.
Until now, XRP was on the sidelines of the bullish run. Nevertheless, traders are looking to use the opportunity to push the price. The funding rate for XRP is been climbing to new highs, providing massive liquidity on the long side.
BitMEX CEO, Arthur Hayes tweeted,
CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd.
With Bitcoin and most of the top and mid-cap cryptocurrencies making a bullish run, seems like the rise in XRP was only due. The price of XRP at 3: 20 hours UTC on 13th February is $0.327 (0.00003158 BTC).
It reached a high at the 200-Day Exponential Moving Average on a daily scale at 3220 sats. A confirmed break above the 200-EMA could extend the gains up to October highs around 3600 sats.
On the USD scale, nonetheless, the 200-Day EMA has been breached above $0.26. The 50 and 200-Day EMA are also showing penchant for a bullish cross in the near future.
With rise in the ETH, the XRP/ETH index has been in a downtrend for the last couple of days. Derivatives and crypto trader, TraderSZ uses it to analyse the gains in ETH, he notes,
see if xrpeth can get back above (the horizontal), then really gna put foot on gas with xrp #xrp#xrpeth
The monthly resistance and bullish targets for XRP are at $0.4. Currently, the crypto markets is turning towards another bull season with gains of high proportions. The technical analysis view for cryptocurrenices is pointing towards an uptrend.
However, leading chart analyst and trader, Peter Brandt warns of not having good sense of risk management. Moreover, booking profits and adhering to stop losses are also important. He tweeted,
I have made my living since 1975 trading futures markets using charts
My conclusion on chart trading:
1. Charts do NOT predict prices
2. Most chart patterns fail
3. Charts simply tell us where a market
4. The only value in charts is for trade/risk management
— Peter Brandt (@PeterLBrandt) February 12, 2020
Do you think the uptrend in crypto-markets will be massive or a pullback is eminent in the near future? Please share your views with us.