Ripple’s price has been consolidating on against USDT and BTC, following a significant decline. Yet, things might be about to change for the better soon.
Technical Analysis
By TradingRage
The USDT Paired Chart
Against USDT, XRP has recently rebounded from the $0.4 support level and has also broken back above the $0.5 zone. Yet, the market is currently retesting the $0.5 level.
If it holds, the price will likely rally toward the $0.6 resistance zone and the 200-day moving average, located around the same price, soon. Yet, the RSI is showing values below 50%, indicating that the momentum is still bearish. A rise above 50% by the RSI could signal the beginning of a new rally.
The BTC Paired Chart
Looking at the XRP/BTC chart’s daily timeframe, things are quite similar. The price has seemingly found support around the 800 SAT zone, following months of consistent decline. The RSI has also broken above 50%, indicating that the momentum has become bullish at last.
If the 800 SAT level holds, the market will likely recover and target the 1200 SAT level in the coming months. Yet, the long-term trend cannot be considered bullish while XRP is trading below the 200-day moving average.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
