Ripple’s price soared by almost 10% today before retracing to where it’s currently trading at. Now, let’s have a look at what this implies and where it might be headed next.
By Edris
Ripple’s price has recently risen, leaving investors wondering if a new bullish trend is on the horizon. However, there is still an important resistance level to overcome.
On the USDT paired chart, the price is breaking above both the 50-day and 200-day moving averages, converging around the $0.52 mark.
If the market holds above this area, the key resistance level of $0.55 would be the next target. Breaking out from this level would initiate a new rally in XRP’s price, with the market likely to move towards the $0.9 level in the coming months.
Looking at the BTC paired chart, the situation appears similar. The price has been supported by the 200-day moving average and is climbing above the 50-day moving average around the 2000 SAT mark.
A successful bullish breakout would pave the way for the price to surge towards the 2200 SAT zone in the short term. The RSI indicator has also broken above the 50% threshold, indicating that momentum is in favor of the buyers.
