Ripple’s price was consolidating for the last few weeks, failing to create a new all-time high. This week was particularly eventful, though, as the asset first jumped above $2.7 before a market-wide crash took it south hard to just under $2.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the USDT pair, XRP has been rallying almost vertically for a few weeks. Yet, with the RSI demonstrating a clear overbought signal at the beginning of November, the market has failed to continue its upward trajectory, and it is now consolidating as it cools down.
Nevertheless, the $2 support level remains intact even though it was tested earlier today and could push the price higher toward the $3 level again. On the other hand, if the $2 level is broken down decisively, a deeper correction toward the $1.4 level would be expected.
The BTC Paired Chart
The Bitcoin-paired chart demonstrates a similar price action, as the market has been breaking through several resistance levels in a significant run higher. Yet, the 2,800 SAT resistance zone has rejected the price lower, as the 2,200 SAT support area is now being tested.
Meanwhile, the RSI is showing values above 50%, indicating that the momentum is still bullish, and a bullish continuation is more likely than a reversal at the moment. This scenario would fail if the 2,200 sat support level is broken to the downside, which would pave the way for the market to drop much lower toward the 1,600 SAT zone.
