Technical Analysis
Ripple’s price is currently facing resistance after a failed attempt to break above the $0.9 level in July. However, there is a possibility of a rebound in the market.
The Daily Chart
Against USDT, Ripple has been correcting since July and the market is currently testing the $0.6 support level. If this level holds, there is optimism for a price rally towards the $0.9 resistance zone in the coming weeks. On the other hand, a breakdown of the support level would lead to a deeper drop towards the 200-day moving average at $0.5.
Main Breakdowns:
- Ripple’s price is facing resistance after failing to break above $0.9 in July.
- The market is currently testing the $0.6 support level.
- If the support level holds, there is potential for a price rally towards $0.9.
- A breakdown of the support level could result in a drop towards the 200-day moving average at $0.5.
Hot Take
Ripple’s price is at a critical point, with a possible rebound on the horizon. However, a breakdown of the support level could lead to further downside. Investors should closely monitor the market to make informed decisions.
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