But, over the past few weeks, prospects for the leading altcoin have improved, with XRP’s technical and chart health improving as cryptocurrency prices have recovered across the board.
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According to a top Bitcoin trader, the price of XRP just closed above a key resistance level, setting the stage for a strong price surge as other technical indicators continue to flash positive signs.
XRP Passes Key Level, Boding Well for Bulls
Prominent market commentator TraderSmokey recently noted that XRP just closed a weekly candle above the key $0.28 resistance level, which is “huge” in his opinion. The reason: $0.28 has been a key price point for the cryptocurrency over the past few years, acting as macro support and resistance on a number of occasions.
The fact that it flipped $0.28 into a support on a weekly (long-term) basis means that XRP’s trend is turning positive once again.
$XRP USD Pair closed the weekly above 28 cents, that’s huge imo.
I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair. pic.twitter.com/VJkGTcc4fd
— TraderSmokey (@SmokeyXBT) February 10, 2020
The close above $0.28 isn’t the only thing that has XRP bulls extremely optimistic about the future.
Per previous reports from NewsBTC, trader Inmortal Technique revealed that XRP has simultaneously broken past two key long-term resistances: the downward resistance formed in September of 2018, which has constrained price action since, and a downtrend level that has stopped rallies over the past few months. The asset has also cleared smaller horizontal resistances around $0.25.
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Also, Brave New Coin’s Josh Olszewicz recently laid out a confluence of reasons why XRP could soon break higher:
XRP has broken above the Kumo band of the Ichimoku Cloud indicator, suggesting a bullish trend.
The 200-day exponential moving average has been passed by the price of the asset. The 200-day EMA is often seen as a key reversal point for many assets.
XRP is looking poised to invalidate a 700-day bearish pitchfork formation in the near future, meaning that there will be much less resistance and that the multi-year downtrend will have been broken.
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