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Crypto Technicals: XRP spikes over 25% to break above $0.40 mark, close above 200-DMA opens up further upside

Tuesday, May 14, 2019 9:25 AM UTC

XRP/USD chart - Trading View

Exchange - Kraken

Support: 0.3437 (200-DMA); Resistance: 0.4520 (Dec 24 high)

Technical Analysis: Bias Bullish

- XRP/USD spikes over 25% to hit 2019 highs above 0.40 mark, bias bullish

- The pair has pared some gains and was trading at 0.38 at 0920 GMT

- The rise may be attributed to Bakkt’s announcement to launch Bitcoin [BTC] futures

- Also, king coin's stellar rise boosts crypto-ecosystem in general, sentiment turns positive

- XRP/USD has shown a breakout above 200-DMA and with supporting shift in technical bias to bullish, we scope for further gains

- Close above 200-DMA opens up further upside in the pair. Next bull target 0.4520 (Dec 24th 2018 high)

- Failure to close above 200-DMA could see extension of sideways movement

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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Crypto Technicals: XRP spikes over 25% to break above $0.40 mark, close above 200-DMA opens up further upside

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