- Ripple breaks the 2019 downtrend to focus on breaking the barriers towards $0.30.
- XRP momentum is sluggish above $0.22 but the buyers are mainly in control.
Ripple has been among the best performers this week considering that it posted a surge in the excess of 10% on Monday. The digital asset is attempting to break the downtrend encountered in the last two quarters of 2019. Besides, a bottom appears to have been found around $0.1760.
The introduction of XRP futures contract on the Binance Futures Contract yesterday revived interest in the cryptocurrency. The perpetual contract makes the biggest and most significant for XRP. Its debut has already started to influence the price of the digital asset and one can only imagine its impact along the year 2020.
XRP technical analysis
Meanwhile, XRP is trading at $0.2215 after magnificently breaking above the resistance at the descending trendline, the 50 SMA and the 100 SMA on the 4-hour chart, $0.20 and $0.22. The prevailing trend is slightly bearish amid shrinking volatility. However, the MACD shows that the buyers still hold the lion’s share of the influence over the price. Similarly, the 50 SMA is above the 100 SMA and continues to trend upwards in support of a stronger bullish momentum.
XRP/USD 4-hour chart