Are XRP Bulls Preparing for a Rally After the $0.52 Recovery? (Ripple Price Analysis)

Ripple price has been consolidating against USDT and BTC, after a significant drop. However, things may be about to change for the better soon.

Technical Analysis

By TradingRage

The USDT wall chart

Against the USDT, XRP recently recovered from the $0.4 support level and also broke above the $0.5 zone. However, the market is retesting the $0.5 level.

If it holds, the price will likely rise towards the $0.6 resistance zone and the 200-day moving average, located around the same price, soon. However, the RSI is showing values ​​below 50%, indicating that the momentum is still bearish. A rise above 50% of the RSI could indicate the start of a new recovery.

Source: TradingView The BTC Paired Chart

If we look at the daily time frame of the XRP/BTC chart, things are quite similar. The price seems to have found support around the 800 SAT area, after months of steady decline. The RSI has also broken above 50%, indicating that the momentum has finally turned bullish.

If the 800 SAT level holds, the market will likely recover and aim for the 1200 SAT level in the coming months. However, the long-term trend cannot be considered bullish while XRP is trading below the 200-day moving average.

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