Ripple’s price is finally moving, as Bitcoin trades at all-time high values. Yet, there’s still a major obstacle the market should take out before a long-term rally begins.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the XRP/USDT pair’s daily chart, the asset has been rallying impulsively over the last few days, following a rebound from the $0.5 level. The 200-day moving average, around the $0.55 mark, has also been broken to the upside.
Yet, the price is struggling to break past the significant $0.7 resistance level. The RSI also shows a massive overbought signal, which could point to a potential correction in the short term. Either way, the market should break above the $0.7 area soon for a bull market to commence in the coming months.
The BTC Paired Chart
As the Bitcoin price has surged rapidly, the XRP/BTC chart is not showing a similar uptrend to the USDT one. Meanwhile, the asset has bounced from the 700 SAT support zone and is currently testing the 200-day moving average, located near the 800 SAT resistance level.
For Ripple to outperform Bitcoin in the coming months, a breakout above the 800 SAT resistance zone and the 200-day moving average is crucial. On the other hand, if the market fails to continue to the upside, a drop back toward the 600 SAT support area and even lower could be expected.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position 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.
Leave a Reply