XRP Price Exits Downtrend to Hit Three-Week High

gepubliceerd op by Coindesk | gepubliceerd op

XRP has been on the offensive, having ended a 3.5-month-long downtrend with a move to three-week highs.

The world's third-largest cryptocurrency by market capitalization clocked a high of $0.2993 yesterday, the highest level since Sept. 21, according to CoinDesk's price index.

As of writing, XRP has pulled back slightly and is currently changing hands at $0.2879, representing 3.8 percent drop on the day after reaching its local peak.

XRP's price may continue to outperform BTC in the near future as the cryptocurrency has found acceptance above the widely tracked 100-day moving average for the first time since July 10.

Bitcoin's 100-day MA is currently located at least $1,700 above its price of $8,300.

XRP jumped six percent on Monday, confirming an upside break of a symmetrical triangle represented by trend lines connecting Sept. 18 and Oct. 13 highs and Sept. 24 and Oct. 13 lows.

The previous breakout indicated the sell-off from June 26's high of $0.4923 had ended and the path of least resistance was to the higher side.

XRP remains bullish in the mid-term should prices remain above the aforementioned 100-day moving average at $0.2854.

The recent price rise has excited the investor community and prominent traders like Bagsey are expecting the cryptocurrency to trade better bid in the near future.

If the top cryptocurrency slides, XRP will likely follow suit once more, trapping buyers on the wrong side of the markets.

x