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Ripple (XRP) Technical Analysis: Attempting to Break Free of 400 SMA

Published 05/15/2019, 08:07 AM
Updated 05/15/2019, 09:21 AM
Ripple (XRP) Technical Analysis: Attempting to Break Free of 400 SMA
XRP/USD
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XRP bulls have returned in force over the past 48 hours, catapulting the asset almost 40% to its new YTD-high at $0.43. For the last 8 months the #3 cryptocurrency has been held in a downward trend against a strong resistance level (white line, see below), but after reaching maximum consolidation buyers were able to successfully break through during the Asian trading session at 02:00 (UTC+1) on May 14.

Right now XRP is continuing to lead the bull market, with a promising 14.7% gain against the US dollar. The 400 SMA (yellow line) is creating temporary resistance for the rising price action, but bullish momentum appears to be showing no signs of ...

This article appeared first on Cryptovest

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