XRP on the Verge of a Major Breakout, but in Which Direction? (Ripple Price Analysis)
Ripple’s price has been consolidating against USDT during the past few weeks while remaining clearly bearish against BTC. Analyzing both pairs might provide clues on the future price trend.
Technical Analysis
By TradingRage
Ripple Price Analysis: The USDT Chart
Against USDT, the price has been trapped inside a triangle pattern since November and is yet to break out. While the $0.6 support level has been providing support and preventing a more profound decline, the price has not been able to rebound to the upside and reach the $0.7 resistance zone.
The relative strength index also hovers around the 50% level, offering little insight into the future price direction. Therefore, a breakout to either side would determine whether the price will drop or rally higher.
The BTC Paired Chart
The BTC chart shows that the price has been making lower highs and lows inside a large descending channel. Several support levels have also been broken to the downside, with the 1300 SAT level being the only support zone intact.
Therefore, a break below this level would be disastrous for XRP, as it would significantly depreciate against Bitcoin. On the other hand, a bullish trend would only begin if the price breaks the channel to the upside.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin Supply Velocity Hits 10-Year Low as ETH Supply Diverges
Just bet on AI and already faced a market blow! Berkshire reports earnings tonight, Abel faces a major test in his transformation
Greg Abel has been leading Berkshire Hathaway for less than a year, yet he has already made a bet of over $10.9 billion on the AI sector, marking a complete break from Buffett’s traditional avoidance of tech stocks. However, Alphabet’s stock price has fallen below their initial purchase cost, and Bending Spoons continues to decline, putting this bold AI gamble to the test. At the same time, third-quarter earnings per share are expected to drop 6% year-over-year, and the share repurchase program is likely to plummet from $4.5 billion to $1.6 billion. How to deploy $358 billion in cash will be a major challenge for the new leader’s capital allocation skills.
Has the AI bubble burst? Goldman Sachs: It's more like 1998 than 2000 right now
The Goldman Sachs trading desk stated that the current wave of sell-offs resembles the 1998 liquidity crisis more than the bursting of the 2000 bubble. It is a forced deleveraging rather than a refutation of business fundamentals. The market is drastically repricing construction financing and timeline expectations, rather than underlying demand. Moreover, the issues currently drawing the most attention from the market—electricity and licensing—are actually the least important, as limited supply does not equate to disappearing demand. The real question that needs to be answered is whether long-term revenues can ultimately justify the capital invested.
Pundit: XRP and XLM Holders, Do You Know How Big This Is?
Crypto prices
More
