Ripple’s price has been consolidating for the last few weeks and is yet to make a record high.
Meanwhile, a bearish reversal does not seem probable at the moment as long as a certain key level holds.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
As the USDT paired chart demonstrates, the price has failed to continue its almost vertical rally beyond the $3 resistance level and is currently moving sideways below the mentioned level.
Yet, with the key $2 support zone holding the price on multiple occasions, as long as this level remains intact, investors could be hopeful that a bullish continuation will occur soon.
The BTC Paired Chart
The XRP/BTC chart also shows a quite similar picture, as the price has failed to continue above the 2800 SAT resistance level and has been quickly rejected to the downside.
Meanwhile, with the 2000 SAT support area being able to prevent a deeper decline, there is still the probability for the market to continue higher in the short term. Of course, a breakdown of the 2000 SAT zone would rule out a bullish continuation for a while.
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Cryptocurrency charts by TradingView.
