Technical Analysis
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.
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.
Main Breakdowns:
- The price has been 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 near the $0.5 mark is another key support level.
- If the 50-day moving average breaks down, the price would test the 200-day moving average.
- The market is more likely to rebound from these support levels and start a new bullish phase.
Hot Take:
Ripple’s price correction is expected after its recent surge, but with multiple support levels nearby, there is little reason for concern. The market is likely to rebound from these levels and enter a new bullish phase.
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