In recent weeks, the price of Ripple has shown an upward trend, recovering from a noticeable support level. However, there is still a crucial resistance level that must fall for the market to enter a bullish phase in the coming months.
Technical Analysis
by: Idris
XRP/USDT Daily Chart:
XRP price rose after it rebounded from the $0.43 support. This level was also reinforced by the 200-day moving average, while the price crossed the 50-day moving average at around $0.47.
Ripple is currently approaching the $0.6 resistance level, and a successful breakout could trigger a potential rally towards $0.9 in the coming months. However, it is worth noting that the RSI has entered the overbought zone, which indicates a possible correction in the near future.
XRP/BTC daily chart
Looking at the BTC paired chart, there is a noticeable bullish trend after the price succeeded in breaking out of the important descending channel. The levels of 0.000017 SAT and 0.000019 SAT, which represent the 50-day and 200-day moving averages, respectively, have been crossed, indicating positive momentum.
Ripple price is currently approaching the psychological resistance level at 0.00002 SAT. However, it is important to note that the RSI is signaling overbought conditions, which indicates the possibility of a correction in the near term before any further upward movement.
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