Ripple’s XRP has experienced a correction phase following a significant surge a few weeks ago. However, there are multiple support levels against both USDT and BTC, indicating potential opportunities for recovery.
Technical Analysis:
XRP/USDT Daily Chart:
– The price has recently been rejected from the $0.9 level and is currently on a downward trend.
– The $0.6 support level and the 50-day moving average, located around the same area, are potential targets for a deeper pullback.
– However, there is a possibility of a rebound before reaching those levels, which could lead to a breakout above the $0.9 resistance level.
– If this breakout occurs, it could trigger a higher rally, potentially pushing XRP to trade at $1 in the coming months.
XRP/BTC Daily Chart:
– Against Bitcoin, XRP has faced similar challenges, failing to break above the 2,800 SAT level twice in recent weeks.
– The market currently shows bearish price action, with the 2,200 SAT area serving as the first significant support level.
– The 50-day moving average, around the 2,000 SAT mark, would be the next support element in line if a deeper decline is imminent.
– Despite the challenges, the RSI indicator suggests that buyers are still in control, and a breakout from the 2,800 SAT resistance zone could still materialize in the short term.
In conclusion, XRP is currently in a correction phase, but there are opportunities for recovery against both USDT and BTC. The $0.9 resistance level is a crucial point to watch, as a breakout could lead to a higher rally towards $1. However, it is important to monitor the support levels and market conditions closely to assess the likelihood of these scenarios.
Note: This article is for informational purposes only and should not be considered as financial advice.
