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Crypto Technicals: Ripple (XRP) soars after partnership with National Bank of Egypt, hits 7-month high above $0.33

Thu, 13 Feb 2020, 05:45 am UTC

XRP/USD chart - Trading View

Exchange - Kraken

Technical Analysis: Strongly Bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High and Rising

Support: 0.3018 (38.2% Fib); Resistance: 0.3413 (50% Fib)

XRP/USD spikes higher for the second straight session after news of National Bank of Egypt's partnership with RippleNet.

National Bank of Egypt (NBE), largest bank in Egypt in terms of total assets, joined RippleNet to tap into the offered remittance services.

NBE co-operation agreement is “a first of its kind” among the commercial banks in Egypt.

The pair is extending previous session's surge, breaks above 0.33 mark to hit 7-month highs.

XRP/USD was trading at 0.3282 at around 05:30 GMT, erasing some gains from session highs at 0.3369.

Price action has broken stiff resistance at 55W EMA at 0.3003 and is on track to test 50% Fib at 0.3413.

Major and minor trend have turned bullish on the daily charts and technical indicators are bias higher.

Scope for test of 0.38 levels (nearly converged 110W EMA and 61.8% Fib). Retrace below 200-DMA negates bullish bias.

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