XRP (XRP) is one of several major altcoins that seems to be reversing its trend upward, after a long period of correction, and as Bitcoin (BTC) dominance falls. Important resistances have been broken, suggesting a longevity to the new trend.
We start on the daily XRP/BTC chart, where we can see exactly what has been achieved. XRP has broken both a horizontal and diagonal resistance, converging at about the same spot. Volume has already outpaced the previous day’s, despite being only about halfway done with the trading day. This looks like a breakout with some considerable power behind it.
However, we should expect a pullback in the short term, as XRP is now quite overbought on the daily (not pictured). We can anticipate a retest of the breakout area at around 3300 satoshis -- although there is no guarantee that price will not just continue up from here.
Moving to the daily XRP/USD pairing, we see a slightly less bullish picture -- but mostly because the USD chart was wrecked during Bitcoin’s breakdown about three weeks ago. Here, XRP is regaining the 55 EMA and steaming for important resistance at about $0.28. Again, volume here has already outpaced the previous day’s, with almost a half a day left of trading.
Looking at the weekly XRP/BTC with MACD/histogram, we see the histogram pointing up at a flat trajectory -- pretty bullish but not mega-bullish. The MACD crossed bullish a couple of weeks ago, and is still uptrending nicely. It has quite a long way to go to get back to the center of the range, however; this means that we aren’t likely to see any kind of rocket ship straight up aside from short spurts.
Volume during the past week (Bittrex) did dip a little, but this volume was almost entirely buy volume.
With Bitcoin dominance collapsing at what many considered a far too high market share, major altcoins like XRP have a lot of runway to claw back their painful losses from 2019 -- losses, at least, against Bitcoin. But even if they can outperforming a falling Bitcoin, it will be a harder fight to outperform USD and other fiats.
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