Ripple’s price faced rejection from a crucial resistance level few weeks ago, indicating uncertainty in the market. However, the bulls still have hopes that the surge is not yet over.
Technical Analysis
By: Edris
XRP/USDT Daily Chart
XRP failed to break through the $0.55 resistance level and has been declining since then. The 50-day moving average is now acting as a support near $0.46 and is closely followed by the 200-day moving average, around $0.41.
The confluence of these support elements makes the $0.40 level highly significant, and a break below it could cause a rapid fall towards the $0.3 mark in the coming weeks.
On the other hand, a rebound from this level could pave the way for testing the $0.5 resistance zone again, with a higher chance of a bullish breakout this time.
XRP/BTC Daily Chart
Against BTC, things don’t look much better as the price has been rejected from the higher boundary of the large descending channel multiple times. Currently, the price is testing the 0.000015 level, and breaking below it would have catastrophic implications for the bulls as there isn’t much support before the 0.000013 level.
The RSI also indicates bearish momentum by displaying values below 50%. Hence, a bearish continuation seems highly probable for Ripple on the BTC paired chart.
