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,
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.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com