Being the world’s third-ranked digital currency Ripple has been outshining the world’s leading crypto asset Bitcoin since the beginning of this year as it has shown positive gains. A recent rally of Ripple has turned its daily price chart bullish and it is expected that XRP/USD pair may repeat its 2019 high.
XRP/USD daily chart looks positive
The positive momentum is continuously flowing toward Ripple as the daily price chart of Ripple has turned positive and shows positive technical signs for a short-term rally. Since the beginning of 2020, Ripple has been using a 200-day moving average as its support. Ripple has not moved above the long-term moving average since July 2019. However, recently on the previous Tuesday, the third-ranked digital coin’s break brought it close to the 200-day moving average which resulted in a bullish rally.
The XRP/USD daily chart is given below:
Another positive sign that indicates future bullish rally of Ripple is a series of short-term higher lows and higher highs of the mid-December low.
Ripple needs to break above $0.31 to reach $0.50
Ripple is currently trading at $0.274945 USD. In order to repeat its 2019 high, Ripple will have to break several strong resistances coming in the way. The figure $0.31 is the key level that started a medium-term series of lower highs in June and this was also the highest trading point of Ripple in the month of November 2019.
So in order to reach its mid-June 2019 high of $0.50, XRP will have to break above this key level of $0.31. Moreover, if Ripple succeeds to close above the trading mark of $0.326, then the chances for Ripple to achieve its mission will increase. The important support levels for Ripple are $0.2475 and $0.2565. These support levels, as well as 200-day moving average, will help XRP to re-test its 2019 high.
Also Read: 5 Things to Know Before Investing in Bitcoin