Ripple’s price is currently correcting after a significant surge following the win against SEC. However, there is little reason for concern as there are multiple support levels nearby.
Technical Analysis
By: Edris
XRP/USDT Daily Chart:
Against USDT, the price has been constantly declining after being rejected from the $0.9 resistance level. The market is likely targeting the 50-day moving average around the $0.6 support level.
The 200-day moving average trending near the $0.5 mark is also another key support that the price would test in case of a breakdown of the 50-day MA. In any case, the market seems more likely to rebound from these levels and start a new bullish phase.
Source: TradingViewXRP/BTC Daily Chart
Against BTC, XRP’s price has been decisively rejected to the downside by the 2,800 SAT resistance level. The cryptocurrency is currently on a steep downtrend towards the 2,200 SAT area.
In case the level holds, XRP is likely to attempt the 2,800 SAT area again in the next few weeks. Conversely, a breakout below the mentioned level would result in a deeper pullback, with the 50-day moving average being the probable short-term target.
Source: TradingVIew
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
