Ripple’s price is experiencing a recovery following its deep correction over the past month. However, key obstacles still remain in front of the price for creating a new higher high.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the USDT pair’s daily timeframe, XRP has lost around a third of its value since failing to stay above the $3 level.
Yet, the $2 support zone has held the market, and the price is now rebounding and moving toward the $3 level once more. If the asset breaks above this area, a rally toward the $3.5 mark would be highly probable in the coming weeks.
The BTC Paired Chart
Looking at the XRP/BTC pair, things are looking quite similar, as Ripple’s token is recovering and rising toward the 3400 SAT resistance level. With the 2800 SAT area now acting as a support level, it is highly probable for the market to reach and even break through the 3400 SAT level.
The RSI is also indicating that the momentum is bullish, further adding to the probability of such a bullish scenario.
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Cryptocurrency charts by TradingView.
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