XRP Can Rely on These Support Levels to Bounce (Ripple Price Analysis)

4 August 2023

in XRP

Reading Time: 3 mins read

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.

Technical Analysis

By: Edris

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.

The 200-day moving average trending near the $0.5 mark is also another key support that the price would test in case of a breakdown of the 50-day MA. In any case, the market seems more likely to rebound from these levels and start a new bullish phase.

Source: TradingView

XRP/BTC Daily Chart

Against BTC, XRP’s price has been decisively rejected to the downside by the 2,800 SAT resistance level. The cryptocurrency is currently on a steep downtrend towards the 2,200 SAT area.

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

In case the level holds, XRP is likely to attempt the 2,800 SAT area again in the next few weeks. Conversely, a breakout below the mentioned level would result in a deeper pullback, with the 50-day moving average being the probable short-term target.

[crypto-donation-box]

Source: TradingVIew

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Credit: Source link