XRP has started to show early signs of strength after a prolonged downtrend, catching the attention of traders looking for a potential recovery play. While the market remains fragile and dominated by macro uncertainty, the recent bounce from local lows and the shift in momentum suggest that the token might be gearing up for a […]XRP has started to show early signs of strength after a prolonged downtrend, catching the attention of traders looking for a potential recovery play. While the market remains fragile and dominated by macro uncertainty, the recent bounce from local lows and the shift in momentum suggest that the token might be gearing up for a […]
Ripple Price Analysis: XRP Flashes Bullish Signals Against Both USD and BTC
XRP has started to show early signs of strength after a prolonged downtrend, catching the attention of traders looking for a potential recovery play. While the market remains fragile and dominated by macro uncertainty, the recent bounce from local lows and the shift in momentum suggest that the token might be gearing up for a short-term trend reversal.
XRP Technical Analysis
By Shayan
The USDT Pair
On the daily chart, XRPUSDT is moving within a well-defined falling wedge, which began after its failed breakout of $3.20 level. The price has recently bounced from the lower boundary of this descending structure and the $1,80 support zone, reclaiming the $2.00 level, and is now aiming toward the red resistance band near the $2.50 mark.
However, major confluence resistance sits slightly higher, as the asset should first break above the higher boundary of the pattern to reach the $2,.50 zone. Even after such a move, the price will have both the 100-day and 200-day moving averages acting as resistance near the $2.60 mark.
These moving averages are also on the verge of printing a bearish cross, which is usually a strong signal for more downward pressure. Therefore, a daily close above that area would signal a serious structural break and shift bias back to bullish.
The BTC Pair
Meanwhile, the XRPBTC daily chart shows a more promising structure. The price has reclaimed both the 100-day and 200-day moving averages around the 2,400 SAT level, after bouncing from the key 2,000 SAT support area.
It is currently retesting the 2,400 SAT zone and the moving averages, which are now acting as support. If buyers can hold above the moving averages, there will be room for the price to target the 2,750 SAT level, and even the 3,000 SAT high. The RSI is also above 57, showing strengthening momentum. Yet, the buyers will need to defend the current breakout zone to maintain the edge.
The post Ripple Price Analysis: XRP Flashes Bullish Signals Against Both USD and BTC appeared first on CryptoPotato.
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