Ripple Price Analysis: Is XRP Ready to Finally Explode Above $0.60?

Cryptopotato2024/07/26 12:26

By:Author: CryptoVizArt

Ripple’s price is finally gaining some bullish momentum following months of downtrend and consolidation.

By TradingRage

The USDT Paired Chart

Analyzing the XRP/USDT pair, it is evident that the price has demonstrated a rapid recovery from the $0.43 support level. It broke above both the $0.5 level and the 200-day moving average, located around the $0.55 mark.

The price is currently on the verge of breaking above the $0.59 resistance zone and if it succeeds, a rally higher toward the key $0.72 resistance level would be probable in the coming weeks.

The BTC Paired Chart

The BTC paired chart also displays a similar behavior. The market has rebounded and broken above the 800 SAT level. Yet, the price has yet to break through the 200-day moving average, located around the 900 SAT mark.

Typically, a rise above the 200-day moving average indicates the beginning of a new uptrend. Therefore, if a breakout occurs, XRP will likely significantly appreciate against BTC in the short term.

Tags: Ripple (XRP) Price

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.