Ripple’s XRP Price Rises as Bitcoin Falls
In the last few days, Ripple’s XRP price has been on the rise while Bitcoin’s price has fallen. However, the market structure cannot be considered bullish at this time, and the price is yet to break above any significant resistance level.
According to technical analysis by Edris, the XRP/USDT daily chart shows that the price has been climbing in the last three days and is currently testing both the 200-day and 50-day moving average lines, located around the $0.4 level. If it breaks above these MAs, the key $0.43 area would be the next resistance level.
On the other hand, a bearish rejection would likely lead to a drop toward the $0.3 level in the coming weeks. The RSI indicator has also risen above the 50% threshold, which could be considered a bullish signal in the short term.
Against Bitcoin, things are looking even better for XRP as the price is showing strength. The XRP/BTC daily chart shows that the price has been steadily rising and is currently testing the 0.00001 BTC level. If it breaks above this level, the next resistance level would be around 0.000012 BTC.
Overall, while XRP’s price has been rising in the last few days, the market structure is not yet bullish. However, the technical analysis suggests that there is potential for further gains in the short term. Investors should keep a close eye on the resistance levels and be prepared for potential price drops.
