Calm Before the Storm: Will XRP Finally Explode Above $0.4? (Ripple Price Analysis)

By akohad Feb22,2023


Ripple’s price has been consolidating in a tight range against the USD. However, against BTC, it has yet to manifest a significant move.

Technical Analysis

By: Edris

XRP/USDT Daily Chart

The price failed to break above the $0.43 resistance level and has been trapped in a tight range between the 50-day and 200-day moving average lines, located around the $0.38 and $0.4 levels, respectively.

A breakout to the upside would likely lead to another test of the $0.43 level, with the probability for a bullish breakout being seemingly higher this time, as the level should be weakened by so many retests over the last few months.

In this case, a rally toward the $0.6 area would be probable. On the other hand, a breakdown of the 50-day moving average would result in a potential drop toward the key $0.3 support level in the coming weeks.

Source: TradingView

XRP/BTC Daily Chart

Looking at the Bitcoin chart, the market structure is clearly bearish on the daily timeframe, with the significant 0.000018 level getting broken to the downside several weeks ago.

The price has been trending down since then, but the RSI indicator is pointing to a potential bullish pullback in the short term, with the indicator dropping below and recovering above the oversold zone.

In case of a bullish move, the broken 0.000018 level and the 50-day moving average located around the same area would be the likely targets. Yet, the price could still drop deeper and test the key 0.000015 level, which would be the bulls’ last resort to prevent a further crash to the downside.

Source: TradingView

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 POTATO50 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 any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source link

By akohad

Related Post

Leave a Reply

Your email address will not be published.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