Altcoin Season: Did It Really Start or Did We Count the Chickens Before They Hatched?Sep 30, 2019
After a fairly difficult week XRP is now showing good growth, having gained more than 8% in USDT and more than 9% in BTC over just a few hours.
One of the factors driving this increase is the news of yet another acquisition by Ripple: beginning today, the company is starting to operate in Iceland through the crypto trading firm Algrim which Ripple just bought.
Thanks to the emergence of a great motivator, the XRP/USDT buyers were able to break through the strong technical level or resistance of $0.2500. As a result, we are seeing a wave of growth aimed at $0.2650, which is a mirroring level of resistance. The bullish scenario remains the most likely until the XRP/USDT pair returns to under the $0.2500 mark. We expect that this level is where Stop Loss orders for long positions will be placed.
Please note that the rate drop to under the level of support of $0.2500 is a very bad sign for buyers. If the price holds above this level, it will increase of the renewed growth to $0.2900.
МА 200 at H4 has been acting as a sliding level of both the support and resistance for quite some time. It must be noted that the price tested but could not breach the MA 200 mark. It is important to closely watch the market reactions now since the breakthrough of this level will increase the chances of a continued upwards movement.