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FxWirePro: Truffle in Ripple on stern bullish engulfing, XRP on verge of striking fresh 5-month highs
Ripple (XRP) has constantly been trending higher from last couple of weeks, posted almost mammoth 43% in just 3 weeks.
XRP is up about 3.79% on a daily basis as the buyers’ sentiments mounting at the time of articulating though some profits were pared. Of interest is the development in the daily and weekly plotting of the technical charts.
XRPUSD was trading at $0.4260 while articulating on Wednesday, up 3.60% on the day, yesterday’s stern rallies 25.89% which is the largest single-day percentage gain since September’18.
Technically, the pair has tested strong support at 0.27-0.28 areas on April 25th (on both daily and weekly terms), ever since then, the move upwards nudged XRP's market cap up to $18.17 bln, or 43% price jump. For now, XRP's 3rd highest market cap among entire crypto-industry.
The stern bullish engulfing patterns have been traced out at 0.3049 levels on daily chart, and at 0.3686, 0.4257 levels on weekly plotting.
These bullish patterns are backed by momentum oscillators signal 5-months highs, the current price also spikes above EMAs.
Both RSI and stochastic curves are convincingly converging upwards that indicate intensified buying momentum, while both trend indicators show bullish DMA & MACD crossovers to signal uptrend to prolong further.
Most importantly, the volume of XRP traded was $6.52136B or 6.07% of the total volume of all cryptocurrencies.
Fundamentally, the growing interests among banking community, robust underlying technology driven by RippleNet, complementing ILP connection is the success of xRapid, that in turn, contributing to the bullish price effects in XRP.Overall, Ripple (XRP) has been responding to the above-explained underlying driving forces both technically and fundamentally.
Contemplating above technical rationale, it is wise to capture the dips to build fresh longs for targets up to 0.4540 levels with strict stop loss of 0.4070 level (spot reference: 0.4230), thereby, one can attain 1:1.2 risk/reward which can keep us at an smart edge.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 181 levels (which is highly bullish), hourly USD spot index was at 120 (highly bullish) while articulating at (13:35 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex