It seems that yesterday’s expectations are already playing out, as XRP begins to take out some levels on the upside. XRP and other major altcoins are starting to see some healthy gains, as Bitcoin (BTC) volatility shrinks at the end of a consolidation period.
Having covered the long term picture already, we can start today with a 12-hour XRP/USD chart. We see that price has entered the top half of the large blue band of price, which makes up the most extreme support area for XRP during the last two years of price history.
Price has closed above the 55 exponential moving average (EMA) for the first time in this market cycle, which also marks the midpoint of the structure. This area, around $0.265 may serve as a retest area in coming days - or it could just be left behind by price altogether.
If we look at a 4-hour USD pairing with indicators, we see that everything is going peachy. The RSI has higher lows and highs, although XRP is now overbought slightly on the RSI already which will probably need to cool off. Volume is building here, and we can see more clearly on this timeframe how steady this buildup is.
The histogram here is arcing up almost parabolically, and it will be interesting to see on the next few candles how this rate maintains.
Finally, looking on the XRP/BTC 12-hour chart, we see perhaps an even more bullish picture. Price has also taken out the 55 EMA here, and is already pushing on the limits of the local structure at about 2,670 sats. We can probably expect this area to get a retest after it is broken.
The histogram here looks set to put in a new high at a sharp angle up. RSI here is not quite overbought at time of writing, so this leg up for XRP may yet have some steam left in it.
It is getting clearer and clearer that altcoins are finally getting a bit of attention, as Bitcoin dominance falls back down to 70% (it was 73% about a week ago) and market leaders start popping off. Time will tell what will be the extent of this altcoin break.
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Featured Image Credit: Photo via Pixabay.com