Can XRP Continue Towards $1 After 35% Weekly Increase?

Ripple price finally moves as Bitcoin trades at all-time highs. However, there is still a major hurdle that the market should clear 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 been impulsively recovering over the past few days, following a rally from the $0.5 level. The 200-day moving average around $0.55 has also broken to the upside.

However, the price is struggling to break above the important resistance level of $0.7. The RSI is also showing a massive overbought signal, which could point to a possible near-term correction. Either way, the market should soon break above the $0.7 area for a bull market to begin in the coming months.

The BTC paired chart

Since the price of Bitcoin has risen rapidly, the XRP/BTC chart does not show a bullish trend similar to that of USDT. Meanwhile, the asset has bounced off 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 break above the 800 SAT resistance zone and the 200-day moving average is crucial. On the other hand, if the market does not continue to rise, a drop towards the 600 SAT support area and even lower could be expected.

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