Ripple’s price has increased in the last few days, while Bitcoin has fallen. However, the price is yet to break above any significant resistance level, and the market structure cannot be considered bullish at this time.
Technical Analysis
By: Edris
XRP/USDT Daily Chart
The price has been climbing in the last three days and is currently testing both the 200-day and 50-day moving average lines, located around the $0.4 level. In the event that it breaks above these MAs, the key $0.43 area would be the next resistance level.
On the other hand, a bearish rejection would likely lead to a drop toward the $0.3 level in the coming weeks. Note that the RSI indicator has also risen above the 50% threshold, which could be considered a bullish signal in the short term.
XRP/BTC Daily Chart
Against Bitcoin, things are looking even better for XRP as the price has broken past the 50-day moving average near the 0.000017 BTC mark and is currently climbing above the 0.000018 BTC resistance level.
In case of a valid bullish breakout, a continuation towards the higher boundary of the large descending channel would be expected.
However, the RSI indicator is approaching the overbought area, which should be considered a caution signal that a fake breakout may be bound to occur.
The post Why is XRP Increasing? Bulls Attempt to Push Above $0.4 (Ripple Price Analysis) appeared first on CryptoPotato.
