Ripple’s XRP has experienced a correction in its price after a significant surge following the recent win against the SEC. However, investors need not panic as there are several support levels nearby that can potentially help the cryptocurrency bounce back.
Technical analysis shows that against USDT, XRP’s price has been on a downward trend since being rejected from the $0.9 resistance level. The market is now eyeing the 50-day moving average, which is located around the $0.6 support level. Additionally, the 200-day moving average near the $0.5 mark is another crucial support level that XRP could test in the event of a breakdown of the 50-day MA. Despite these challenges, the market appears more inclined to rebound from these levels and initiate a new bullish phase.
On the XRP/BTC daily chart, the cryptocurrency has faced a decisive rejection at the 2,800 SAT resistance level. Currently, XRP is on a steep downtrend towards the 2,200 SAT area. However, if this level holds, XRP may make another attempt at the 2,800 SAT area in the coming weeks. Conversely, a breakout below this level could result in a deeper pullback, with the 50-day moving average serving as the likely short-term target.
Overall, while XRP is currently undergoing a correction, there are multiple support levels that can provide a foundation for a potential bounce. Investors should closely monitor these levels and consider them in their trading strategies. As always, it is important to conduct thorough research and analysis before making any investment decisions.
Disclaimer: This article is not financial advice. The information provided is based on analysis and the author’s opinion only. Investing in cryptocurrencies involves risk, and individuals should seek professional advice before making any investment decisions.