[ad_1]
Ripple’s price has been trending lower against BTC and consolidating against USDT. While XRP has been underperforming over the last few months, investors can still be optimistic as significant support levels are available.
Technical Analysis
By TradingRage
The USDT Paired Chart
Against USDT, the XRP price has been steadily declining since failing to break through the $0.7 resistance level. However, support has been found to be around $0.6, preventing further drops.
Should this mark fail, there’s potential for a turnaround near the 200-day moving average, situated around $0.57, offering another possible support level for XRP. On the other hand, a rebound from this level can lead to a potential rise toward $0.7.
The BTC Paired Chart
Examining the Bitcoin pair, there’s been a prolonged downward trend in the market. Currently, the XRP price is revisiting the 900 SAT support area.
A successful bounce from this level could prompt an attempt to breach the long-standing bearish trendline. Should this occur, the next objective would likely be the 1200 SAT resistance level.
Conversely, a failure to hold above the 900 SAT support zone could have dire consequences, potentially triggering a substantial downturn in the market.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link