- Ripple is the shining star amid news related to BitMex.
- XRP/USD has smashed several key levels including the 200 SMA.
- Here are the next levels to watch according to the Confluence Detector.
Ripple is ripping higher – and BitMex could be giving it a boost. The large derivatives exchange has announced it would introduce a new XRP Quanto swap, a contract that will be paired against the US dollar and will go live on February 5.
This perpetual contract features high leverage of 50:1 with margins posted to Bitcoin. Short positions will also be allowed, but only with BTC as collateral.
Ripple's XRP is defying dumping by the firm, which has unleashed around $200 worth of XRP from its escrow account of late. The rush into the third cryptocurrency in terms of market capitalization is pushing XRP/USD above $0.27 smashing the all-important 200-day Simple Moving Average.
This is what the Crypto Confluence Detector shows in its latest update:
XRP/USD is eyeing $0.2729 as the first soft hurdle. It is where the Pivot Point one-day Resistance 3 awaits the price.
Next, we find $0.2813. The PP one-week R3 awaits Ripple there.
The last topside level is $0.2952, where the mighty PP one-month R2 hits the price.
Looking down, some support awaits at $0.2678, which is also a confluence of pivot points: the daily R2 and the one-month R1.
The next support line is around $0.2617, which is the convergence of the previous daily high, the PP one-day R1, and the Bollinger Band four-hour Upper.
The strongest support cluster is at $0.2520, which is a juncture including the Simple Moving Average 5-4h, the BB 1h-Middle, the PP 1w-R1, the SMA 50-15m, the SMA 10-4h, the Fibonacci 61.8% one-day, and more.
Overall, the path of least resistance for Ripple's XRP is up.
See all the cryptocurrency technical levels.
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