Ripple Price Analysis: XRP Soars 8% This Week, Are the Bulls Back in Town?

Ripple’s price is yet to show a significant move in either direction. Both the USDT and BTC pairs have been in a consolidation phase. Yet, things might be about to change soon.

However, it’s important to note that XRP increased by around 8% in the past seven days, and it’s worth exploring whether the bulls are back in town.

Technical Analysis

By TradingRage

The USDT Paired Chart

On the daily timeframe USDT pair, the price has been moving rangebound around the $0.6 support level. The 200-day moving average, located around the $0.57 mark, has recently pushed the price higher once more.

If the moving average holds, the price will likely rise toward $0.7 in the coming weeks. A breakout above the $0.7 resistance zone could finally begin a new bull market for XRP.

The BTC Paired Chart

Looking at the daily chart of the XRP/BTC pair, the price is still trending lower. The market is currently consolidating around the 800 SAT support zone. If the level holds, XRP could finally break the long-term bearish trendline to the upside.

This potential breakout could be the first hint at a new bullish phase for XRP. Yet, with the market still consolidating, it is not clear whether this scenario will materialize in the following weeks.