Ripple’s price is yet to show any sign of bullishness after a decisive rejection from a significant resistance level. However, the market has currently reached a point where a rebound is probable.
Technical Analysis
By: Edris
The Daily Chart
Against USDT, the cryptocurrency has been correcting since failing to break above the $0.9 level earlier in July. The 50-day moving average is broken to the downside, and the market is currently testing the significant $0.6 support level.
If this area holds, the investors may be optimistic about the price rallying towards the $0.9 resistance zone in the coming weeks. On the other hand, a breakdown of the mentioned support level would lead to a deeper drop toward the 200-day moving average, located around the $0.5 mark.
Source: TradingView### Against BTC
Looking at the chart against Bitcoin, things look worse. The price has broken below the 2200 SAT level, and the 50-day moving average located around the 2100 SAT mark.
Things seem worse, as the price is seemingly targeting the 200-day moving average and the nearby static support level at the 1800 SAT mark. Yet, this scenario could be invalidated in case the market climbs back above the broken 50-day MA.
Source: TradingView
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
