According to CryptoPotato, Ripple, a cryptocurrency that has underperformed in the recent bull market compared to Bitcoin and Ethereum, may be on the verge of a turnaround. In contrast to its counterparts, Ripple has not seen significant growth in the past few months. However, recent technical analysis suggests a potential shift in this trend.
The USDT paired chart shows that Ripple has rebounded from the $0.43 and $0.50 support levels and is heading towards testing the $0.6 resistance zone. The 200-day moving average, which also lies around the $0.6 level, could provide additional resistance. If Ripple's price successfully surpasses this area, it could indicate a potential rally towards the $0.7 mark and possibly beyond.
On the other hand, the Bitcoin pair's weekly chart reveals a consistent downward trend since the price fell below the 200-day moving average. Currently, it is testing the 600 SAT support level. A breakdown of this level could lead to a significant decline in Ripple's value in the coming months. However, the Relative Strength Index indicates a clear oversold signal, suggesting that the market is more likely to rebound. If this happens, a rise towards the 1200 SAT level and the nearby 200-day moving average could be highly probable in the short term.
Investors are advised to conduct their own research before making any investment decisions and use the provided information at their own risk.