Can XRP Continue Toward $1 After 35% Weekly Surge?
The post Can XRP Continue Toward $1 After 35% Weekly Surge? appeared on BitcoinEthereumNews.com.
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. SPECIAL OFFER (Sponsored) 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…
Filed under: News - @ November 14, 2024 4:24 pm