XRP Getting Ready for a Rally to $0.60, but What_s the Catch? (Ripple Price Analysis)

2023-10-20 14:16:25

Ripple’s price is currently testing a key area against USDT while getting rejected from another one on the Bitcoin chart.

Technical Analysis

By Edris

The USDT Paired Chart

Against USDT, the price saw a spike yesterday, breaking above the 50-day moving average located around the $0.50 mark. However, the 200-day moving average is preventing it from rising higher than $0.53. As long as the market is trading below the 200-day moving average, the trend cannot be considered bullish.

However, with the RSI indicator also breaking above the 50% threshold, a bullish breakout above the 200-day MA and a subsequent rally toward the $0.6 resistance level and even beyond is probable.

Source: TradingView### The BTC Paired Chart

Against BTC, things are looking worse for XRP. The price has recently broken below the 1800 SAT level and has failed to climb back above as it is getting rejected to the downside.

Moreover, considering the bearish crossover between the 50-day and 200-day moving averages, the market is likely to drop even lower toward the 1600 SAT area in the next few weeks.

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