Ripple’s price has been consolidating in a tight range over the past few weeks following a massive crash. Currently, XRP is testing a key area, and its reaction will determine the mid-term market trend.
Technical Analysis
By Edris
The USDT Pair Chart
XRP’s price has been ranging since rebounding from the $0.43 support level. The 200-day moving average, located around the $0.5 mark, is currently acting as a barrier to upward movement.
If XRP surpasses this moving average, it will again test the $0.55 resistance zone. Conversely, if there is a bearish rejection, the price might drop toward the $0.43 support and potentially lower.
Source: TradingView### The BTC Pair Chart
XRP is even more uncertain against BTC, as the price is stuck between multiple support and resistance levels. If the market breaks the 50-day moving average, which is around the 2000 SAT mark, the cryptocurrency seems more likely to rise rapidly toward the 2200 SAT resistance level.
On the other hand, if the 200-day moving average near the 1850 SAT area breaks down, it will result in a bearish continuation toward the 1600 SAT level in the coming weeks.
Source: TradingView
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