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XRP’s price is currently situated between two key moving averages when analyzed against USDT, and it is trading below both of these averages in the context of the BTC trading pair chart.
A comprehensive evaluation of both charts indicates a divergence between the USDT and BTC trading pairs, as XRP is witnessing an upward movement in the former while experiencing a downward trend in the latter.
Technical Analysis
By Edris
The USDT Paired Chart
When viewed against USDT, it is clear that XRP’s price has been steadily rising in recent days, yet it has not yet exceeded the 200-day moving average, which is around $0.53. Should the price break through this threshold, it will encounter a significant resistance area at $0.6. The medium-term market outlook heavily relies on the price’s reaction to this crucial $0.6 level.
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The Relative Strength Index (RSI) also shows values above 50%, indicating that momentum is leaning towards a bullish movement in the coming days, which could further increase the chances of surpassing the 200-day moving average.
Source: TradingView
The BTC Paired Chart
In contrast, the situation against BTC presents a different narrative. XRP’s price has declined over the past few weeks, falling below the 1800 Satoshi mark, which now serves as a resistance level. A recent attempt to retest this level was met with rejection, reinforcing the possibility of a continued bearish trend.
Moreover, a recent bearish crossover between the 50-day and 200-day moving averages suggests the potential for additional short-term bearish activity. Consequently, if the price does not recover above the 1800 Satoshi level soon, a decline towards the 1500 Satoshi support area becomes quite likely.
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
