After a significant rally earlier this summer, XRP has entered a consolidation phase. The digital asset’s price is now fluctuating around crucial resistance points against both USDT and BTC. While the upward momentum has slowed, technical charts indicate that the general market structure remains bullish, with several important support levels holding firm.
The USDT Pair: A Battle Between Bulls and Bears
On the daily chart for the XRP/USDT pair, the price is contending with a significant resistance zone around the $3.40 mark. This comes after a breakout in July above the $2.70 range, a level that has since transformed into a key area of support.
Reinforcing the positive medium-term outlook, both the 100-day and 200-day moving averages are on an upward trajectory. These indicators recently formed a bullish crossover around the $2.45 price point. As long as the price remains above these moving averages, the broader trend is considered bullish. Currently, the 50-day Exponential Moving Average (EMA) at $2.9293 and the 20-day EMA at $3.1433 are providing solid underlying support. However, momentum indicators suggest a period of indecision. The Relative Strength Index (RSI) is hovering near the neutral 50 level, indicating a lack of strong immediate momentum. This could allow for a short-term pullback toward the support zone around $2.80 to $3.00.
This support zone is critical for maintaining the current bullish structure. A failure to hold this level could trigger a more significant correction, potentially pushing the price down toward the 200-day moving average near $2.40. Conversely, a decisive break above the $3.40 resistance could signal the continuation of the uptrend, with analysts eyeing a potential move toward the $3.80 to $4.00 range. Recent analysis has also pointed to a bullish pennant formation, suggesting that a breakout could be imminent.
The BTC Pair: Awaiting the Next Move
When viewed against Bitcoin (XRP/BTC), the pair has recently experienced a pullback after reaching the 3,000 SAT resistance level, with the current price sitting around 2,600 SAT.
This movement followed a clear breakout from a long-term descending channel. The subsequent successful retest of the channel’s upper boundary, which aligned with the 200-day moving average and the 2,400 SAT support zone, stands as a key bullish technical factor. Holding above this confluence of support could attract renewed buying interest.
Similar to the USDT pair, the RSI for the XRP/BTC pair, at around 48, shows that momentum has cooled since the sharp rally in July. This suggests that XRP may continue to trade within a range between 2,400 SAT and 3,000 SAT in the immediate future. A conclusive close above the 3,000 SAT level would likely clear the path for a move toward the 3,400 SAT zone. On the other hand, losing the 2,400 SAT support could shift the market bias back towards the 2,000 SAT support level. For now, as long as the pattern of higher lows remains intact, the structure continues to favor the bulls.
