Ripple’s price is finally moving, as Bitcoin trades at unprecedented values. Yet, there is still one major hurdle the market would need to overcome before a long-term rally begins.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the daily chart of the XRP/USDT pair, the asset has seen an impulsive rally over the past few days, following a rebound from the $0.5 level. The 200-day moving average, around $0.55, was also broken higher.
Still, the price is struggling to move above the important resistance level of $0.7. The RSI is also showing a massive overbought signal, which could indicate a potential correction in the near term. Either way, the market would need to break above the $0.7 area soon for a bull market to begin in the coming months.
The BTC Paired Chart
As the price of Bitcoin has increased rapidly, the XRP/BTC chart does not show a similar uptrend as USDT. Meanwhile, the asset has rebounded from the 700 SAT support zone and is currently testing the 200-day moving average, located near the 800 SAT resistance level.
For Ripple to outperform Bitcoin in the coming months, a breakout above the 800 SAT resistance zone and the 200-day moving average is crucial. On the other hand, if the market fails to continue its rise, we could expect a return towards the 600 SAT support zone and even lower.
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Cryptocurrency charts by TradingView.
