XRP Hits 45 Day High as ‘Guppy’ Momentum Indicator Points to More Gains Ahead: Technical Analysis

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

$XRP‘s price rose to a high of $2.83 during the early U.S. hours Wednesday, hitting levels last seen on May 23, according to data CoinDesk data,

The move happened as the Guppy multiple moving average indicator, flashed a bullish signal. The ribbon indicator comprises six short-term exponential moving averages (EMAs) with periods ranging from three to 15 days showing short-term trend. It also includes six long-term EMAs with periods between 30 days and 60 days, representing long-term trend.

A bullish signal occurs when the six short-term averages cross above the long-term averages, as can be seen on $XRP‘s daily chart below.

$XRP chart (TradingView)

The bullish crossover of the Guppy averages indicates that the path of least resistance is now on the higher side, with potential for a rally to $2.649, the high registered on May 14.