- XRP goes to the moon, hinting at the trend reversal.
- Speculations and FOMO effect are behind the movement.
XRP broke free from a tight range and spiked to $0.3600 before retracing to $0.3552 by the time of writing. The third largest digital con is moving fast with no clear fundamental reason readily available. Most likely, the strong upside movement was caused by a combination of technical factors, like broken resistance level at $0.33, and a emotional component.
A series of announcements made by Ripple Labs lately suggest that the company is about to put its cryptocurrency based technology xRapid into commercial operation as early as the next month. Apart from that Ripple entered partnership deal with PNC Bank one of the top ten banks in the USA, creating favorable environment for FOMO effect (fear of missing out).
Community members also suggest that the spike of the price was engineered by crypto whale buying as the strong upside movement was accompanied by increased trading volumes.
XRP’s technical picture
XRP/USD broke above DMA50, which is a very strong bullish signal. If the coin manages to keep ground and stay above $0.33 handle for several day, the trend reversal is likely to be confirmed. The next resistance comes at $0.36. XRP hasn’t climbed that high since August 18.
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