Ripple’s XRP Surges 9% in a Week: Is a Price Correction Looming?

After experiencing four weeks of downward movement, Ripple’s price is finally showing signs of bullishness. However, there are still several concerning signals on the charts. Technical analyst Edris notes that the key 200-day moving average around the $0.43 support level could be a potential target if the price drops below the $0.47 mark. Edris suggests that a bullish breakout could lead to a rally toward the $0.6 resistance level, while a bearish breakout could prolong the bear market via a decline toward $0.3 and even lower. Similarly, on the daily chart of XRP/BTC, XRP has surged above the 50-day moving average. If the price can break through the 0.000018 resistance level, the 200-day moving average trending around the 0.000019 price point could be the next target. However, a drop back inside the channel could lead to a crash toward the 0.000013 level. Despite the potential risks, the bullish scenario seems more probable, judging by the momentum signal by RSI. Traders can visit TradingView’s cryptocurrency charts for more insights. It’s important to note that the information found in this article belongs to the quoted writers, not CryptoPotato. Readers should conduct their own research before making any investment decisions.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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