Sunday, June 23, 2024

Are XRP Bulls Gearing up for a Rally Following Reclaim of $0.52? (Ripple Price Analysis)

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Ripple’s price has been consolidating on against USDT and BTC, following a significant decline. Yet, things might be about to change for the better soon.

Technical Analysis
By TradingRage

The USDT Paired Chart
Against USDT, XRP has recently rebounded from the $0.4 support level and has also broken back above the $0.5 zone. Yet, the market is currently retesting the $0.5 level.

If it holds, the price will likely rally toward the $0.6 resistance zone and the 200-day moving average, located around the same price, soon. Yet, the RSI is showing values below 50%, indicating that the momentum is still bearish. A rise above 50% by the RSI could signal the beginning of a new rally.

Source: TradingView
The BTC Paired Chart
Looking at the XRP/BTC chart’s daily timeframe, things are quite similar. The price has seemingly found support around the 800 SAT zone, following months of consistent decline. The RSI has also broken above 50%, indicating that the momentum has become bullish at last.

If the 800 SAT level holds, the market will likely recover and target the 1200 SAT level in the coming months. Yet, the long-term trend cannot be considered bullish while XRP is trading below the 200-day moving average.

Source: TradingView

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Cryptocurrency charts by TradingView.

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