The price of Ripple hasn’t made a noticeable upward or downward shift yet. Both its US Dollar Tether (USDT) and Bitcoin (BTC) pairings have been stable recently. However, signs point to potential changes on the horizon.
Yet, it’s worth mentioning that XRP experienced a nearly 8% growth over the last week. It might be intriguing to consider if the bulls have returned to the market.
Technical Analysis
By TradingRage
The USDT Paired Chart
The USDT pair’s price on a daily chart has been bouncing between $0.6 and other levels, forming a range around the $0.6 support. Lately, the 200-day moving average, approximately at $0.57, has contributed to another price increase.
if the moving average continues to be a reliable indicator, the XRP price may increase towards $0.7 over the next few weeks. Surpassing the $0.7 resistance level could mark the start of a fresh bull run for XRP.
The BTC Paired Chart
Observing the daily XRP/BTC price chart, it continues to decline. At present, the market is contracting near the 800 SAT support area. Should this support remain robust, XRP may eventually surpass its prolonged downward trendline.
The price surge of XRP could be an early sign of a new bullish trend. However, since the market is still uncertain, it’s unclear if this development will continue in the upcoming weeks.
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2024-04-09 17:14