XRP Bears Look to Take Control Following a Failure to Break Above $0.55 (Ripple Price Analysis)
Ripple’s price has recently demonstrated a bullish rebound as the crypto market has been rising. However, the market structure is yet to turn positive against USDT, while against BTC, XRP is still digging lower.
Technical Analysis
By TradingRage
The USDT Paired Chart
Looking at the chart against USDT, the price has rebounded from the $0.5 support level and is currently testing the higher boundary of the large descending channel.
The 200-day moving average, located around the $0.55 mark, is also being tested. A breakout above this moving average could finally initiate a bullish trend, as the market structure would shift in favor of the buyers.
The BTC Paired Chart
Against BTC, things are not looking good for Ripple. The price has been on a constant decline over the last nine months and does not seem to slow down.
With the recent drop below the 1300 SAT level, the market is seemingly targeting the 800 SAT support zone in the coming weeks. The RSI also shows values below 50%, indicating a lower potential continuation.
The post XRP Bears Look to Take Control Following a Failure to Break Above $0.55 (Ripple Price Analysis) appeared first on CryptoPotato.
Filed under: Bitcoin - @ February 22, 2024 2:18 pm