Is XRP On The Verge Of An Explosive Rally To $0.7 Soon?

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.

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