• Ripple’s price is currently correcting after a significant surge following the win against SEC.
• There are multiple support levels nearby, such as the 50-day and 200-day moving average.
• The market seems more likely to rebound from these levels and start a new bullish phase.
XRP Price Overview
Ripple’s price is currently correcting after a significant surge following the win against SEC. However, there is little reason for concern as there are multiple support levels nearby.
XRP/USDT Daily Chart
Against USDT, the price has been constantly declining after being rejected from the $0.9 resistance level. The market is likely targeting the 50-day moving average around the $0.6 support level. The 200-day moving average trending near the $0.5 mark is also another key support that the price would test in case of a breakdown of the 50-day MA. In any case, the market seems more likely to rebound from these levels and start a new bullish phase.
XRP/BTC Daily Chart
Against BTC, XRP’s price has been decisively rejected to the downside by the 2,800 SAT resistance level. The cryptocurrency is currently on a steep downtrend towards the 2,200 SAT area. In case this level holds, XRP will attempt to break out of 2,800 SAT in the next few weeks again. Conversely, if it fails to do so then it can result in a deeper pullback with its 50-day moving average being its probable short-term target.
Conclusion
Overall Ripple’s current correction looks healthy as there are multiple key supports nearby which can be relied upon for bounce backs and possible new bullish phases in future movements of its prices against both USDT and BTC pairs respectively
Special Offer (Sponsored)
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 CRYPTOVIZART for 35% lifetime discount on all trading fees