Ripple Price Analysis: The Reason XRP Crashed by 6% in the Past 24 Hours

Ripplrice has been recovering recently, spreading optimism among market participants and XRP investors.

Ripple Price Analysis

By TradingRage

The USDT Paired Chart

Looking at the XRP/USDT chart’s daily timeframe, the price has rebounded from the $0.4 support level with momentum. It has reclaimed $0.5 and the 200-day moving average, located around the $0.55 mark.

The market is currently testing the $0.6 resistance. While the price is gradually climbing above the level, the RSI is demonstrating bearish divergence with the recent price highs. Therefore, a correction could be expected in the short term.

The aforementioned bearish divergence painted by the RSi could also be part of the reasons why the XRP price crashed by around 6% in the past 24 hours.

The BTC Paired Chart

Looking at the BTC paired chart, XRP has reclaimed the 800 SAT level and is also breaking the 200-day moving average to the upside. If successful, the market could rally toward the 1200 SAT resistance level in the short term.

With the Relative Strength Index showing values above 50%, market momentum is also in favor of a bullish move higher for Ripple against Bitcoin.