Ripple’s Price Action: Choppy Against USD, Interesting Against BTC
Ripple’s price action has been choppy lately, especially against USD. Against BTC, though, things are looking interesting in the short term.
Technical Analysis
XRP/USDT Daily Chart:
- The price has been consolidating between $0.45 and $0.5 against USD.
- The 50-day moving average, currently around $0.5, is pushing the cryptocurrency lower.
- If XRP drops towards $0.43, the 200-day moving average near that price is expected to provide strong support.
- If XRP breaks above the 50-day moving average, investors could be optimistic as the $0.6 resistance is likely to be tested.
- This scenario could be ideal for Ripple as the market might enter a mid-term bullish phase after months of consolidation.
Hot Take
Ripple’s price action has been volatile against USD, but there is potential for a bullish breakout against BTC. Keep an eye on the 50-day moving average and the $0.6 resistance level. If these levels are broken, it could signal a shift in market sentiment and a potential uptrend for Ripple.
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