Ripple’s price action has been choppy lately, especially against USD. Against BTC, though, things are looking interesting in the short term.
Technical Analysis
By: Edris
XRP/USDT Daily Chart:
Against USD, the price has been consolidating in a narrow range between $0.45 and $0.5. The 50-day moving average, currently around $0.5, is currently pushing the cryptocurrency lower. If XRP drops toward the $0.43 level, the 200-day moving average near that price is expected to provide strong support.
On the other hand, if XRP breaks above the 50-day moving average, investors could be optimistic as the $0.6 resistance is likely to be tested.
This scenario could be ideal for Ripple as the market might enter a mid-term bullish phase after months of consolidation.
XRP/BTC Daily Chart
The market has been trending downward lately. The price has been on a free-fall since the breakdown of the 1,800 SAT level and the 200-day and 50-day moving averages earlier in June.
However, the key 1,500 SAT support zone is currently holding the XRP price from further drops. Additionally, the 50-day and 200-day moving averages printed a bullish crossover a few days back, increasing the probability of a rebound in the short term.
The RSI is also showing values close to the oversold area, boosting the chances of a bullish reversal in the coming weeks.
However, despite these positive signals from indicators, the price action remains bearish, and there is still a high probability of a bearish breakout below the 1,500 SAT level, which could lead to a subsequent crash toward the 1,300 SAT zone in a short period of time.
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