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Thursday, December 7, 2023

XRP Bull Run Increasingly Possible if This Level Falls: Ripple Price Analysis

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XRP’s price has been caught between two significant moving averages when looking at the chart against USDT, and it’s trading below both of these moving averages when considering the BTC trading pair chart.

An overall assessment of both charts reveals a divergence between the USDT and BTC trading pairs, as XRP is experiencing an upward trend in the former but a downward trend in the latter.

Technical Analysis

By Edris

The USDT Paired Chart

Against USDT, it is evident that XRP’s price has been gradually increasing in recent days, but it has not yet surpassed the 200-day moving average, which is approximately $0.53. If the price breaches this level, it will face a significant resistance zone at $0.6. The medium-term outlook for the market greatly depends on how the price responds to this critical $0.6 level.

The Relative Strength Index (RSI) also indicates values above 50%, suggesting that momentum favors a bullish move in the upcoming days, further enhancing the likelihood of breaking above the 200-day moving average.

Source: TradingView

The BTC Paired Chart

Against BTC, Ripple tells a different story. XRP’s price has decreased in the past few weeks and dropped below the 1800 Satoshi level, which now acts as a resistance point. There was a recent attempt to retest this level, but the price was rejected, confirming the potential for a further bearish trend.

Additionally, a recent bearish crossover between the 50-day and 200-day moving averages indicates the likelihood of more short-term bearish movement. Therefore, if the price does not climb back above the 1800 Satoshi level soon, a drop toward the 1500 Satoshi support zone becomes highly probable.

Source: TradingView

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Cryptocurrency charts by TradingView.

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