XRP’s Best and Worst Case Scenarios as $0.4 Seems Resilient (Ripple Price Analysis)


Ripples price has been sinking over the last few months following a clear rejection from a key resistance level. It is currently within a decisive area, and the outcome would likely determine the mid-term trend of the market.

technical analysis

By: Edris

XRP/USDT Daily Chart

The price has been making lower highs and lows recently, following the significant rally in early May. The bearish reversal at the $0.6 area has initiated the current downtrend, but the cryptocurrency is currently testing a key support level around both the $0.42 mark and the 200-day moving average.

A break below these levels would be catastrophic for Ripple, as the market could rapidly plunge towards $0.3, and potentially even lower, in the short term.

On the other hand, if a rebound occurs, the 50-day moving average, located near the $0.48 mark, would be the first likely target in the coming days.

Source: Trading View

XRP/BTC Daily Chart

Against BTC, the price is still trapped inside a large descending channel after failing to break above it on numerous occasions. The 50-day moving average near the 0.000017 level has also been broken to the downside, and the 0.000015 support is currently being penetrated.

A breakdown of this level would likely result in a deeper decline towards the 0.000013 level. The RSI is also showing values ​​below 50%, as momentum is clearly in favor of the bulls.

Source: Trading View

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

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 investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source link

Leave a Comment