Calm Before the Storm? XRP at a Strong Support as Big Move Seems Imminent (Ripple Price Analysis)

2023-11-29 15:09:41

Technical Analysis

By TradingRage

Ripple’s price has been experiencing a pullback on both the USDT and BTC pairs over the last few weeks. Yet, the market might begin another bullish move soon, as the price is currently at strong support levels.

The USDT Paired Chart

On the USDT paired chart, the price has been on the decline over the recent weeks after it failed to move past the $0.7 mark.

The $0.6 support level is currently preventing the price from dropping lower. Yet, even if this level breaks down, the 200-day moving average located around the $0.55 mark can be counted on as a turning point to push XRP higher. In this case, it is likely that a rally toward the $0.9 level will finally occur.

Source: TradingView### The BTC Paired Chart

Against BTC, the price is currently testing the 1,600 SAT support zone after failing to stay above the 200-day moving average, which is hovering around the 1,900 SAT mark.

If a bullish rebound occurs, the market is likely to rise toward the 1,800 SAT resistance level and potentially the 200-day moving average.

A breakout above these resistance elements will pave the way for an increase toward the key 2,200 SAT area. Yet, the relative strength index suggests that the momentum is still bearish, as it is showing values below 50%. Therefore, a breakdown of the 1,600 SAT level and a consequent drop towards the 1,250 SAT support is still probable in the short run.

Source: TradingView

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