Ripple’s price has been consolidating over the past few months as Bitcoin has hit new all-time highs. XRP investors are hoping that things could change soon.
XRP Price Analysis
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
The paired chart of the USDT shows choppy range-bound price action over the past few months.
The cryptocurrency mainly hovered around the 200-day moving average and did not break either side of the range between the $0.6 and $0.5 levels.
However, as BTC has once again set a new record high, it seems likely that XRP will rise to at least the $0.7 level in the coming months.
Source: TradingView The BTC Paired Chart
The XRPBTC pair shows a completely different perspective as Ripple has been rapidly depreciating against Bitcoin over the past year.
The price recently bounced above the 200-day moving average, but was unable to hold above it and fell back as Bitcoin began to recover.
At the moment, a decline towards the 600 SAT level seems imminent. However, if it remains intact, this level could reverse Ripple’s price trend and start a rally for XRP against BTC and USDT.
Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (Excludes CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).
2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.
TradingView Cryptocurrency Charts.