As a seasoned trader with over a decade of experience under my belt (and a few gray hairs to show for it), I’ve seen market cycles come and go, bull runs, bear markets, and everything in between. This week has been particularly exhilarating, with Ripple‘s price dancing around the $2 mark like a marionette on a string.
Over the past several weeks, Ripple’s price has been holding steady and hasn’t managed to reach a new record high. However, this week has been quite dynamic. Initially, the value of Ripple surpassed $2.7, but then a broader market downturn caused it to plummet sharply down to nearly $2.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
For several weeks now, XRP on the USDT pair has been surging nearly straight upwards. However, an oversold signal from the RSI became apparent in early November, suggesting a market overextension. As a result, the market’s upward momentum ceased, and instead of continuing to climb, it is currently experiencing consolidation while cooling down.
Nevertheless, the $2 support level remains intact even though it was tested earlier today and could push the price higher toward the $3 level again. On the other hand, if the $2 level is broken down decisively, a deeper correction toward the $1.4 level would be expected.
The BTC Paired Chart
The Bitcoin-related graph shows a pattern of price fluctuations that mirrors the market trend, where it’s been piercing multiple resistance points in a notable surge upward. However, the resistance at 2,800 SAT has pushed the price downwards, and currently, the 2,200 SAT support level is under scrutiny.
Meanwhile, the RSI is showing values above 50%, indicating that the momentum is still bullish, and a bullish continuation is more likely than a reversal at the moment. This scenario would fail if the 2,200 sat support level is broken to the downside, which would pave the way for the market to drop much lower toward the 1,600 SAT zone.
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2024-12-20 17:06