Ripple Price Analysis : Ripple (XRP) has witnessed a substantial price surge, gaining around 35% this week alone as Bitcoin hits record highs. Despite the momentum, XRP faces significant resistance, which could dictate its trajectory in the coming months.
XRP/USDT Chart Analysis
On the XRP/USDT daily chart, Ripple’s price has gained momentum after bouncing off the $0.5 level and surpassing the critical 200-day moving average at approximately $0.55. However, the $0.7 resistance level has proven challenging, as XRP is struggling to make a clean breakout above it.
The Relative Strength Index (RSI) reveals that XRP is in overbought territory, which might indicate an imminent correction. For a sustainable rally, XRP must break and hold above the $0.7 level, signaling the potential for a bullish trend in the months ahead.
XRP/BTC Chart Analysis
In contrast to its USDT pair, XRP’s performance on the XRP/BTC chart has been more subdued despite Bitcoin’s robust rally. Currently, XRP has bounced from the 700 SAT support zone and is testing the 200-day moving average around the 800 SAT resistance level.
For XRP to outperform Bitcoin in the medium term, breaking above the 800 SAT resistance and the 200-day moving average is crucial. However, if it fails to hold these levels, a potential decline toward the 600 SAT support could be on the horizon.
Read Also :
- Suzlon Energy Share Price Target 2024-2030: Comprehensive Analysis and Forecast
- Blue Dart Share Price Target from 2024 to 2030
- Top 3 Stocks Under ₹150 with With Future Growth For 2030
- Waaree Energies Ltd Share Price Target 2024 In Hindi
Disclaimer: The information here reflects the insights of individual analysts and does not represent financial advice from Data room technology. Conduct thorough research and consider all risks before making investment decisions.