Recently, Ripple hasn’t kept pace with the surging markets like Bitcoin and Ethereum. However, signs point towards potential change on the horizon.
Ripple Price Analysis: Technicals
By TradingRage
The USDT Paired Chart
The cryptocurrency has recovered from its previous lows at $0.43 and $0.50 against USDT, and is now aiming to challenge the $0.6 resistance area. Notably, the 200-day moving average lies around the same level of $0.6, adding an extra barrier for any potential upside movement.
If the price manages to rebound and surpass this level again, there’s reason for optimism among investors, as it could signal a continuation of the uptrend towards $0.7 and possibly further.
The BTC Paired Chart
The weekly Bitcoin-pair chart indicates a persistent decrease in price since dipping beneath the 200-day moving average. At present, the price is approaching the crucial support of 600 SAT. A breach of this level could trigger significant further drops, potentially leading to more extensive declines for Bitcoin in the near future. For XRP, this could mean even greater price decreases over the next few months.
Instead, the RSI (Relative Strength Index) indicates a strong sign of overselling in the market, suggesting that it may be due for a bounce-back at this point.
In the near future, it’s likely that SAT scores will trend upward towards 1200 and the 200-day moving average will approach, based on current trends.
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2024-04-24 17:44