The XRP price has yet to show significant strength as it continues its struggle to break above a critical resistance level in recent weeks. Things are not looking much better against BTC, with a major support level being broken to the downside.
Technical analysis
By: Edris
XRP/USDT daily chart
On the daily chart, the price has been consolidating in a tight range below the $0.43 resistance level for quite some time. The 200-day moving average, located around $0.4, has been providing support, preventing the price from falling further.
If the $0.43 level is eventually broken to the upside, a rally towards the $0.55 area could be expected in the near term.
On the other hand, if a bearish rejection occurs, the trending 50-day moving average around the $0.37 mark would be the first potential support level ahead of the key $0.3 area, which had previously halted the dreadful trend. bassist on multiple occasions.
XRP/BTC daily chart
Against BTC, the cryptocurrency has been on the decline for the past few weeks, with the 0.000018 level seemingly broken to the downside. A confirmation of this breakout would potentially lead to a further decline towards the 0.000015 support level in the coming weeks.
However, considering the fact that the RSI is approaching the oversold area, the recent breakdown of the 0.000018 level could turn out to be false. If the price rises above it again, one would expect a rally towards the 50 and 200 day moving average lines located around the 0.000019 and 0.000020 levels.
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