Rippleโs Price Shows Positive Signs, Investors Optimistic for XRP Bull Run
Rippleโs price has finally shown some positive signs, making investors optimistic that the new XRP bull run is on the horizon.
Technical Analysis
By TradingRage
The USDT Paired Chart
The Daily chart of the XRP/USDT pair demonstrates a bullish shift in market structure, as the price has broken above the large descending channel and the 200-day moving average at last.
- The $0.7 level is a probable target before a longer-term destination of $0.9.
- A short-term pullback to the $0.6 level and the 200-day moving average located nearby is possible before a further bullish continuation, as the RSI has recently entered the overbought region.
The BTC Paired Chart
On the Bitcoin pair, things look quite different in the grand scheme of things. Yet, the price is showing some signs of recovery.
- The market has recently tested the 800 SAT long-term support area and rebounded slightly higher.
- If the price finds a bottom around this zone, the first target for a potential uptrend would be the 1300 SAT resistance zone, followed by the 200-day moving average located around the 1600 SAT area.
- If these two levels get broken to the upside, investors can expect Ripple to outperform Bitcoin for a while.
Hot Take: Rippleโs Price Shows Promise for Future Growth ๐
Rippleโs recent positive signs in its price movement have left many investors feeling optimistic about an upcoming bull run. With the XRP/USDT pair demonstrating a bullish shift in market structure and breaking above key resistance levels, it appears that Ripple may be on the path to recovery and growth.
On the USDT paired chart, the price has broken above a large descending channel and the 200-day moving average, indicating a potential target of $0.7 in the short term and $0.9 in the longer term. While a pullback to the $0.6 level is possible, the overall trend seems to be bullish.
Meanwhile, on the BTC paired chart, Rippleโs price has shown signs of recovery after testing the 800 SAT long-term support area. If this zone holds as a bottom, there is potential for an uptrend towards the 1300 SAT resistance zone and the 200-day moving average at around 1600 SAT. Breaking these levels could lead to Ripple outperforming Bitcoin.
Overall, these positive developments in Rippleโs price movement have sparked hope among investors who are eagerly anticipating a bull run for XRP. While there may still be some hurdles to overcome, such as potential pullbacks and resistance levels, the current outlook suggests that Ripple is primed for future growth.