XRP ready to Breakout
John Barry | Fri Apr 15 2022
Positive News and Technicals - XRP is ready to Breakout
Crypto Eri is my favorite XRP person to follow, she understands the significance of important news and the impact it will have. If you invest in XRP she is a must follow. She just released a very XRP intensive video reviewing the recent positive news for XRP. https://www.youtube.com/watch?v=UQ7Cs-sON0I
Positive News for XRP
- ODL Network News
- Brad Garlinghouse interview
- Allbridge XRP announcement
- XRP and Flare Network expansion into DeFi
After this video was released, news came out that former Ripple advisor Michael Barr is going to be nominated for the role of Vice Chair of the Federal Reserve “to be the Federal Reserve’s top regulator in charge of big banks” Michael Barr nomination - CNBC
The SEC vs Ripple continues to go well for Ripple. When this case settles, this should open up XRP for trading on US markets.
Current Technical Analysis for XRP
The important Trend calculation with 1-hour candlesticks (using 11 different EMA calculations and approximately 2 weeks of trading history) recently turned from Bearish to Bullish when XRP hit a price of $0.7914. This is one of the most significant indicators on the Quantify Crypto platform. Additionality the Baseline and various MACD metrics are also confirming this bullish move.
XRP is currently outperforming the rest of the top currencies for the past 24 hours. The Altcoins tend to perform best when Bitcoin is going up or maintaining its value, which it is currently happening.
Bitcoin has successfully tested its support level of $39,300 and broken above the psychological price of $40,000. The Bitcoin Technical Score is currently 66.2, the short-term indicators are bullish while medium and long term are slightly bearish as Bitcoin failed to go above its $41,300 resistance level this past week. Hurting Bitcoin is its current coupling with global stock markets, which have been weak in 2022. In summary a stable Bitcoin will support XRP and the altcoins.
Major price increases are usually proceeded by a small price increase is a recurring with cryptocurrencies. XRP has reversed a negative trend from late March after recovering off support levels at $.70. This current reversal is how long-term positive trends start and XRP is ready.
Quantify Crypto provides real time technical analysis to support your trading decisions. We have the fastest live price feed of all cryptocurrency informational platform. Our proprietary trend algorithm calculates the predicted direction of future price moves. It is specifically tailored for the cryptocurrency market. Our state-of-the-art displays are designed to provide maximum amount of significant data on a single screen.
None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and other Altcoins.