Crypto tacticians are plotting the path forward for XRP.
Josh Olszewicz, an analyst at Brave New Coin, says the third-largest cryptocurrency just broke out of a 680-day bear trend after climbing above $0.29.
In addition, he says XRP is now above its 200-day exponential moving average, a metric that tracks average price data and gives more weight to the most recent time frames.
According to Olszewicz, the spot price of XRP is also 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.
$XRP 680-day bear trend over
— Josh Olszewicz (@CarpeNoctom) February 14, 2020
- above 200-day EMA
- above bear PF
- above Cloud pic.twitter.com/C47ndnVcCP
Fellow analyst Johnny Moe says XRP’s trading volumes are rising to levels not seen since the crypto market bull run of 2017.
“With February only halfway complete, 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.”
And the monthly.
— Jonny Moe (@JonnyMoeTrades) February 14, 2020
With Feb only halfway complete, monthly volume is 1.15B. The Dec 2017 monthly volume was 2.26B.
There's a non-trivial chance that $XRP is about to explode. pic.twitter.com/bZkmOvsgce
After a rough 2019, the debate on where the price of XRP will end up in the months ahead has been lively.
Former hedge fund manager and CEO of crypto investment bank Galaxy Digital recently said he thinks XRP will “massively underperform” Bitcoin in 2020. He says most institutional investors he meets with continue to be focused on BTC.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Rost9
