As reported by CryptoPotato, Ripple’s price has been consolidating against USDT and BTC after experiencing significant declines. However, the situation may soon improve.
According to technical analysis from TradingRage, XRP has recently rebounded from the $0.4 support level and has moved back to the $0.5 zone. However, the market is currently retesting the $0.5 level. If it can hold, the price could make a quick rise towards the $0.6 resistance zone and the 200-day moving average (located in the same price area). However, the RSI is showing a value below 50%, suggesting that the momentum is still bearish. A rise in the RSI above 50% could signal the start of a new up leg.
On the daily timeframe for XRP/BTC, the situation is very similar. The price seems to have found support in the 800 SAT area, after months of continuous decline. The RSI has also crossed above 50%, indicating that momentum has finally turned bullish. If the 800 SAT level can hold, the market may recover and target the 1200 SAT level in the coming months. However, the long-term trend can only be considered bullish if XRP trades below the 200-day moving average.