No Panic: XRP Can Rely on These Support Levels to Bounce (Ripple Price Analysis)

CryptoPotato

2023-08-04 15:39:35

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: TradingViewXRP/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.

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.

Source: TradingVIew

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