Support Levels and Technical Analysis for Ripples Price

Jul 31, 2023 11:56 AM

Ripple’s Price Correction Phase

Ripple’s price is currently undergoing a correction phase after experiencing a significant spike a few weeks ago. Despite this correction, there are several support levels against both USDT and BTC.

Technical Analysis Breakdown

USDT Paired Chart: On the daily timeframe, XRP has been rejected from the $0.9 level and is currently on a decline.
Possible Targets: The $0.6 support level and the 50-day moving average in the same area are likely targets for a deep pullback.
Potential Rebound: However, there is a possibility of a rebound before reaching those levels.
Resistance Level Breakout: If XRP breaks above the $0.9 resistance level, a higher rally could be expected.
Future Outlook: In the coming months, XRP could potentially reach $1 if the breakout occurs.

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Hot Take: Potential for a Rebound and Higher Rally

Despite the current correction phase, there is hope for Ripple’s price to rebound and experience a higher rally. If the resistance level at $0.9 is broken, the price could potentially reach $1 in the coming months.