Ripple’s price has experienced a strong rally in the last few days, surpassing multiple significant resistance levels against both USDT and BTC. However, it is currently struggling to break through a crucial level.
Technical Analysis
By: Edris
XRP/USDT Daily Chart:
The value of XRP has rapidly increased since surpassing the $0.43 level, reaching approximately $0.54 per coin, and finally arriving at the critical $0.55 resistance level. However, it seems to be struggling to surpass this level, and a temporary pullback or reversal could occur.
The RSI indicator is also displaying a clear overbought signal, increasing the likelihood of a bearish rejection from the current level. In the event of a steep correction, the $0.43 level may be relied upon as support.
XRP/BTC Daily Chart:
With BTC, the price action is quite comparable, with an almost vertical climb over the last week. The 0.000016 SAT and 0.000018 SAT resistance levels, as well as the 50-day moving average located near the 0.0000165 SAT range, have all been broken with significant strength.
The price has also surpassed the higher boundary of the large ascending channel but is currently testing it once again after being rejected from the vital 200-day moving average around the 0.00002 SAT level.
If the trendline holds, the 200-day moving average may be tested and surpassed in the short term, increasing the likelihood of a rally toward the 0.000022 SAT resistance level.
On the other hand, a drop back into the channel may disappoint the bulls, as a false breakout would likely be followed by a steep correction toward at least the 0.000016 SAT level.
