Crypto Technicals: XRP spikes over 25% to break above $0.40 mark, close above 200-DMA opens up further upside

XRP/USD chart - Trading View

Exchange - Kraken

Support: 0.3437 (200-DMA); Resistance: 0.4520 (Dec 24 high)

Technical Analysis: Bias Bullish

XRP/USD spikes over 25% to hit 2019 highs above 0.40 mark, bias bullish

The pair has pared some gains and was trading at 0.38 at 0920 GMT

The rise may be attributed to Bakkt’s announcement to launch Bitcoin [BTC] futures

Also, king coin's stellar rise boosts crypto-ecosystem in general, sentiment turns positive

XRP/USD has shown a breakout above 200-DMA and with supporting shift in technical bias we see scope for further gains

Close above 200-DMA opens up further upside in the pair. Next bull target 0.4520 (Dec 24th 2018 high)

Failure to close above 200-DMA could see extension of sideways movement

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