Ripple rallies reap more than 48% in just 2 days after bullish engulfing patterns, sustenance above 21-EMAs likely to extend upswings

XRP/USD: After streaks of bullish rallies that have now gone well beyond 21DMAs upon back-to-back hammer and stern bullish engulfing candlestick patterns, the uptrend now continues to show bullish rout, currently surging above 0.47117 levels (refer daily chart).

Whereas on weekly plotting, failure swings were observed at downward trend-line. Since both leading and lagging indicators offer minor upswings, if the prevailing rallies sustain above 21-EMAs, then we could foresee uptrend extension.

Well, we wish to reiterate there has been an underlying news that drives the ongoing vigorous rallies. Ripple has been assigning themselves in a strategic spot to enable the rising overseas remittance that leads this alluring price behaviour. 

The essentialities for swift and economic ways of transferring funds domestically and internationally inevitably rises. SMEs are driving these needs who have been prolific and dynamic in nudging total global remittance to over $600 billion in 2018 alone and responsible for creating employment for more than 60 percent of the population. 

While there’s been a latest platform that’s launched by Ripple’s former CTO which is now integrated with YouTube and Twitch and allows content creators to accept XRP. Coil is a start-up company based at San Francisco with an objective of rendering service in Internet content creation, seeking more avenues through which they can monetize their work and now it’s in beta phase. Their primary goal is to come up with brand new ways to support creators in making money. However, it would be little unwise to declare that the underlying price surge is due to this news.

For now, contemplating above technical rationale with the intensified buying pressures, one can trade for the target upto 0.52467 levels with a strict stop loss of 0.42641 levels. On a broader perspective, it is wise enough to wait for the better clarity for the uptrend confirmation but advisable to deploy long hedging positions.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 154 levels (which is bullish), while hourly USD spot index was at -39 (bearish) while articulating at (07:58 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex