Ripple’s price has broken above a critical resistance level on the XRP/USD paired chart, which could initiate a rally in the coming days. Yet, it could still be too early to state that the bear market is over.
XRP/USD Daily Chart
On the USDT paired chart, the price has broken above the 50-day and 200-day moving average lines, along with the critical $0.43 resistance level. The breakout comes after months of consolidation.
However, the price is now retesting the broken $0.43 level, this time as support. If the level holds, a bullish continuation toward the $0.55 area could be expected in the short term.
Still, the RSI indicator has recently printed an overbought signal, which could indicate the possibility of a failed breakout (fakeout). This would be disastrous for the bulls, as the market could drop rapidly back toward the $0.3 level.
XRP/BTC Daily Chart
Looking at the BTC paired chart, the price has similarly broken above a significant resistance level around the 0.000015 SAT area.
However, the 50-day moving average line, located near the 0.000017 SAT mark, has rejected the price, and since then, the price has been heading lower to a retest of the broken 0.000015 SAT level. If the level holds, the price could target the 0.000018 SAT area in the coming weeks.
On the other hand, a drop below the 0.000015 SAT area could lead to a decline toward the 0.000013 level and the lower boundary of the large descending channel.
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 POTATO50 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.