Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”
- Technical factors drive the XRP price up 15% placing it above 200 day moving average
- BCH hard fork seems to have sparked the XRP rally
- Technical Analysis below Crypto markets may see a “Merry Christmas “this year
XRP Jump driven by Technical than Fundaments
What a sight it has been on the crypto street for XRP community as the coin has rallied over 15% in last 24 hours, technically placing the prices of the coin above 200 days moving average. This move in price seemed to have got its legs due to technical reasons as fundamentally there was no much powerful news surrounding XRP or Ripple that could cause this kind of sharp rise. Some believe it could be Bitcoin Cash hard fork which has sparked some sort of spillover into other cryptos and the vigilant XRP community has just cashed the opportunity although one cannot confirm that.
Whatever it may be, the upward spike in prices that has placed XRP now over 200-day moving average is a positive news for XRP hodlers and if the rally sustains one may soon see these levels forming as a base for XRP to further rise.
Crypto markets may have a Merry Christmas this year
While prices of the of cryptos have seen a stable to moderate positive movements over a couple of months it is anticipated that the crypto street may see some rally as we head towards Christmas. After some sharp movements in BCH and XRP, Technical Chartist believes that the Bitcoin prices have breached the Bitcoin’s triangle on the upside and the coin could see sharp rallies. Although this prediction could only be believed to be true once the bulls are able to break the 200-day moving average, which currently sits at $7080.
Usually, it’s the equity markets that show sharp rallies around Christmas time but a volatile October, combined with uncertainty surrounding Trump’s trade war and the Fed’s monetary policy shows signs that Wall Street may have a sombre Christmas this year.
Let’s wait and watch