As a researcher with a background in technical analysis and a personal experience of observing the cryptocurrency market for several years, I believe that Ripple’s recent price consolidation against USDT and BTC could be a sign of an upcoming bullish trend.
The price of Ripple has stabilized against USDT and Bitcoin after a notable drop. However, positive developments may be on the horizon.
Technical Analysis
By TradingRage
The USDT Paired Chart
As a researcher studying the cryptocurrency market, I’ve observed that after hitting a support of $0.4 against USDT, XRP has regained momentum and surpassed the $0.5 resistance zone once more. However, the market is currently undergoing a retest of this significant level.
If it maintains this trend, the price is expected to surge towards the $0.6 resistance and the proximity of the 200-day moving average. However, the Relative Strength Index (RSI) currently hovers below the 50% threshold, suggesting ongoing bearish momentum. A RSI reading above 50% may indicate the initiation of a new upward trend.
The BTC Paired Chart
Examining the daily chart of XRP relative to Bitcoin, we notice striking resemblances. The price appears to have discovered a floor around the 800 SAT mark after a prolonged downtrend. Moreover, the Relative Strength Index (RSI) has surpassed 50%, suggesting that bullish momentum has finally emerged.
Should the SAT score of 800 hold steady, it’s probable that the market will bounce back and reach around the 1200 level in the upcoming months. However, a bullish long-term outlook cannot be assured as long as XRP remains below its 200-day moving average.
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2024-05-03 17:36