Friday , March 1 2024
Home / Bitcoin (BTC) / Calm Before the Storm? XRP at a Strong Support as Big Move Seems Imminent (Ripple Price Analysis)

Calm Before the Storm? XRP at a Strong Support as Big Move Seems Imminent (Ripple Price Analysis)

Summary:
Technical Analysis By TradingRage Ripple’s price has been experiencing a pullback on both the USDT and BTC pairs over the last few weeks. Yet, the market might begin another bullish move soon, as the price is currently at strong support levels. The USDT Paired Chart On the USDT paired chart, the price has been on the decline over the recent weeks after it failed to move past the %excerpt%.7 mark. The %excerpt%.6 support level is currently preventing the price from dropping lower. Yet, even if this level breaks down, the 200-day moving average located around the %excerpt%.55 mark can be counted on as a turning point to push XRP higher. In this case, it is likely that a rally toward the %excerpt%.9 level will finally occur. Source: TradingViewThe BTC Paired Chart Against BTC, the price is currently

Topics:
CryptoVizArt considers the following as important: , , ,

This could be interesting, too:

CryptoVizArt writes Ripple Seems Primed for a Drop to %related_posts%.5, But Will the Bulls Retaliate? (XRP Price Analysis)

Dimitar Dzhondzhorov writes ChatGPT Analyzes if the Ripple v. SEC Lawsuit Will be Over in 2024

Dimitar Dzhondzhorov writes Here’s When Ripple (XRP) Will Hit .40 According to Popular Analyst

CryptoVizArt writes Massive XRP Move Incoming Following 7% Weekly Push? (Ripple Price Analysis)

Technical Analysis

By TradingRage

Ripple’s price has been experiencing a pullback on both the USDT and BTC pairs over the last few weeks. Yet, the market might begin another bullish move soon, as the price is currently at strong support levels.

The USDT Paired Chart

On the USDT paired chart, the price has been on the decline over the recent weeks after it failed to move past the $0.7 mark.

The $0.6 support level is currently preventing the price from dropping lower. Yet, even if this level breaks down, the 200-day moving average located around the $0.55 mark can be counted on as a turning point to push XRP higher. In this case, it is likely that a rally toward the $0.9 level will finally occur.

xrp_price_chart_2911231
Source: TradingView

The BTC Paired Chart

Against BTC, the price is currently testing the 1,600 SAT support zone after failing to stay above the 200-day moving average, which is hovering around the 1,900 SAT mark.

If a bullish rebound occurs, the market is likely to rise toward the 1,800 SAT resistance level and potentially the 200-day moving average.

A breakout above these resistance elements will pave the way for an increase toward the key 2,200 SAT area. Yet, the relative strength index suggests that the momentum is still bearish, as it is showing values below 50%. Therefore, a breakdown of the 1,600 SAT level and a consequent drop towards the 1,250 SAT support is still probable in the short run.

xrp_price_chart_2911232
Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *