- Ripple’s price has been consolidating against USDT and BTC, following a significant decline.
- However, recent technical analysis suggests that things might be about to change for the better soon.
- Both the USDT and BTC paired charts indicate potential for a rally if certain support levels hold.
Explore the latest technical analysis of Ripple’s price against USDT and BTC, and discover why the crypto market may be on the brink of a rally.
Ripple’s Price Consolidation: A Closer Look
Ripple’s price has been in a consolidation phase against USDT and BTC, following a significant decline. However, recent technical analysis by TradingRage suggests a potential change in the market dynamics.
Analysis of the USDT Paired Chart
Against USDT, Ripple (XRP) has recently rebounded from the $0.4 support level and has broken back above the $0.5 zone. Currently, the market is retesting the $0.5 level. If this level holds, the price is expected to rally toward the $0.6 resistance zone and the 200-day moving average, located around the same price. However, the RSI is showing values below 50%, indicating that the momentum is still bearish. A rise above 50% by the RSI could signal the beginning of a new rally.
Analysis of the BTC Paired Chart
On the XRP/BTC chart’s daily timeframe, the price seems to have found support around the 800 SAT zone, following months of consistent decline. The RSI has also broken above 50%, indicating that the momentum has become bullish. If the 800 SAT level holds, the market is likely to recover and target the 1200 SAT level in the coming months. However, the long-term trend cannot be considered bullish while XRP is trading below the 200-day moving average.
Conclusion
In conclusion, both the USDT and BTC paired charts indicate potential for a rally if certain support levels hold. As always, investors are advised to conduct their own research before making any investment decisions. However, these technical indicators could signal a positive shift in Ripple’s price trajectory in the near future.
