Ripple’s price is finally displaying some bullish behavior after experiencing a downward trend for four weeks. However, there are still some worrisome indicators on the charts.
Technical Analysis
By: Edris
XRP/USDT Daily Chart
The price has bounced back from the $0.43 support level with the crucial 200-day moving average situated around the same level. The 50-day moving average is currently being tested around the $0.47 point, but XRP has yet to break above it.
If a bullish breakout occurs, a rally towards the $0.6 resistance level is the most likely scenario. However, if the price drops below the 200-day moving average, it could be disastrous, leading to a decline towards the $0.3 level and even lower, ultimately prolonging the bear market.
The RSI indicator has risen above 50%, indicating bullish momentum at the moment.
XRP/BTC Daily Chart
Against BTC, XRP has finally broken out of the large descending channel after more than 6 months. The price has surged above the 50-day moving average at around the 0.000017 level and is now targeting the 0.000018 resistance level.
The 200-day moving average, trending around the 0.000019 price point, could be the next target if the price breaks through the 0.000018 level. Conversely, if the price drops back inside the channel, it could lead to a crash towards the 0.000013 level.
Based on the momentum signal by RSI, the bullish scenario appears to be more feasible.
