As a long-term XRP investor, I’ve seen my fair share of ups and downs in the market. And while it’s disheartening to see the coin’s price take a hit yet again, I believe that this latest shakeout could be the final phase before a new uptrend.
As a researcher studying the XRP market, I’ve noticed that despite investors’ anticipation of a price surge over the past several months, the coin’s value has instead been declining recently. However, it is essential to remember that market corrections are a natural part of any investment landscape and might represent the last hurdle before a new upward trend begins.
Ripple Price Analysis
By TradingRage
The USDT Paired Chart
As a researcher studying the cryptocurrency markets, I’ve noticed that XRP has been trading within a large symmetrical triangle against USDT for several months. This pattern indicates potential consolidation before a significant price move. However, the recent market downturn caused the price to drop below this triangle, and the support level at $0.5 was also breached.
If the price fails to rebound promptly above this level, there’s a possibility that it may drop towards the $0.4 support area in the near term.
The BTC Paired Chart
As an analyst, I’ve observed that the XRP/BTC pair’s daily chart indicates a prolonged decline in XRP’s value relative to Bitcoin over the past few quarters. Specifically, since last November when XRP’s price was unable to surpass the 200-day moving average, its value has been on a downward trend against Bitcoin.
Lately, Ripple experimented with a price level of around 600 Satoshis (SAT) before momentarily retreating. Now, it’s hovering around the stronger resistance at 800 SAT.
If the RSI indicator is starting to bounce back from its oversold state and there’s no indication of a market rebound yet, then it’s possible that the market could eventually rise towards the 200-day moving average, which is approximately around 1000 SAT. However, this would only be the case if the support level at 600 SAT holds firm.
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2024-06-11 17:42