Is XRP On The Verge Of An Explosive Rally To $0.7 Soon?

Ripple’s price has been consolidating over the past few months as Bitcoin has hit new all-time highs. XRP investors hope that things could change soon.

XRP Price Analysis

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

The paired chart of the USDT shows choppy range-bound price action over the past few months.

The cryptocurrency mainly hovered around the 200-day moving average and did not break either side of the range between the $0.6 and $0.5 levels.

However, as BTC has once again set a new record high, it seems likely that XRP will rise to at least the $0.7 level in the coming months.

Source: TradingView The BTC Paired Chart

The XRPBTC pair shows a completely different perspective as Ripple has been rapidly depreciating against Bitcoin over the past year.

The price recently bounced above the 200-day moving average, but was unable to hold above it and fell back as Bitcoin began to recover.

At the moment, a drop towards the 600 SAT level seems imminent. However, if it remains intact, this level could reverse Ripple’s price trend and start a rally for XRP against BTC and USDT.

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