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XRP Tests $0.5 Critical Resistance But Will the Rally Continue? (Ripple Price Analysis)

01.06.2023
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Ripple’s price has shown bullish movement in recent weeks. However, there is a notable resistance level that needs to be overcome before a more sustained rally can be anticipated.

Technical Analysis

By: Edris

XRP/USDT Daily Chart:

XRP has displayed a consistent upward trend after being rejected from the 200-day moving average of around $0.4. Additionally, it has surpassed the 50-day moving average of around $0.45 and appears to be targeting the resistance zone at $0.6 in the short term.

A successful breakthrough of the $0.6 level would likely initiate a bullish phase, with the price potentially reaching as high as $0.9 in the mid-term. However, it is worth noting that the RSI has recently indicated an overbought condition, suggesting the possibility of a pullback or a period of consolidation in the upcoming days.

Source: TradingView

XRP/BTC Daily Chart

The price has successfully broken out of the significant descending channel after finding support near the 0.000016 SAT level. Furthermore, both the 50-day moving average, positioned around 0.000017 SAT, and the static resistance level at 0.000018 SAT have been surpassed.

The price is attempting to breach the 200-day moving average; however, the RSI’s overbought signal suggests the potential for a short-term correction. In such a scenario, both the 0.000018 SAT level and the 50-day moving average are likely to be retested, providing support to the market.

Source: TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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