Crypto Technicals: XRP/USD surges higher, 200-DMA breakout confirms rising bullish market sentiment

XRP/USD chart - Trading View

Exchange - Kraken

Technical Analysis: Bias strongly bullish

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

Overbought/ Oversold Index: Highly overbought

Volatility: Rising

Support: 0.2562 (200-DMA); Resistance: 0.2991 (55W EMA)

XRP/USD surges past 200-DMA resistance, suggests rising bullish market sentiment.

The pair closed 4.84% higher in the previous session and is trading 4.28% higher on the day at 0.2780 at around 04:55 GMT.

Momentum strongly bullish, MACD is well in the positive territory and ADX is rising in support of the trend.

Break above 200-DMA raises scope for test of 55W EMA at 0.2991 ahead of 38.2% Fib at 0.3018 and then 0.3150 (Double top).

Major and minor trend have turned bullish. Correction if any on account of overbought oscillators is likely to be shallow.

Failure to hold above 200-DMA could dent near-term upside bias. Break below 55-EMA to see downside resumption.

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