Technical Analysis: XRP Price Testing Key Areas
Ripple’s price is currently undergoing testing on both the USDT and BTC paired charts. On the USDT chart, the price experienced a spike, breaking above the 50-day moving average at $0.50. However, it is facing resistance from the 200-day moving average at $0.53. The market cannot be considered bullish as long as it remains below this level. Nevertheless, with the RSI indicator breaking above 50%, there is a possibility of a bullish breakout above the 200-day MA, leading to a rally towards the $0.6 resistance level and beyond.
On the BTC chart, things are looking worse for XRP. The price has dropped below the 1800 SAT level and has been unable to recover. Additionally, the bearish crossover between the 50-day and 200-day moving averages suggests that the market may decline further towards the 1600 SAT area in the coming weeks.
Hot Take: XRP Faces Resistance and Potential Decline
Ripple’s price is currently facing resistance on both the USDT and BTC paired charts. While there is a possibility of a bullish breakout on the USDT chart if it surpasses the 200-day moving average, things are looking more bearish on the BTC chart with a potential decline towards lower levels. Traders should closely monitor these key areas to determine future price movements and make informed trading decisions.
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