As a seasoned crypto investor with years of market fluctuations under my belt, I find myself cautiously optimistic about Ripple‘s current price action. The consolidation phase we’ve been witnessing over the past few weeks is not unfamiliar territory for those who have weathered multiple market cycles.
Ripple’s price has been consolidating for the last few weeks and is yet to make a record high.
At present, it appears unlikely that we’ll see a bearish reversal, so long as a significant support level remains intact.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
According to the USDT pair’s graph, the price didn’t keep up its nearly straight climb past the $3 resistance point and is now hovering horizontally beneath this level instead.
Yet, with the key $2 support zone holding the price on multiple occasions, as long as this level remains intact, investors could be hopeful that a bullish continuation will occur soon.
The BTC Paired Chart
The XRP/BTC graph presents a comparable pattern, with the price unable to sustain above the 2800 SAT barrier and swiftly falling following rejection from above.
Meanwhile, with the 2000 SAT support area being able to prevent a deeper decline, there is still the probability for the market to continue higher in the short term. Of course, a breakdown of the 2000 SAT zone would rule out a bullish continuation for a while.
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2024-12-26 17:32