Ripple price analysis: is XRP preparing for a final rally before large correction?

The price of Ripple has been consolidated in recent weeks after a strong upward trend against both USDT and BTC.

Given the current position, the market still seems ready for at least one rally before a potential reversal takes shape.

Technical analysis

By Shayan

The USDT pair

On the USDT graph, the token of Ripple is consolidated in a symmetrical triangle, just below the upper limit of the wider rising channel that the price action has led in recent months. Since symmetrical triangles can solve in both directions, the next decisive outbreak will determine the market of the market.

XRP is currently being traded above both the 100-day and 200-day advancing averages, who recently shown a bullish crossover. This set -up is in favor of an outbreak to the advantage, so that the price may be worn outside both the triangle and the larger channel. However, if XRP falls under these advancing averages, the outlook would become Bearish and open the door for a decrease in the direction of the $ 2.10 support zone.

The BTC pair

The price is also consolidated on the XRP/BTC graph, whereby the behavior of the USDT purple is reflected after the outbreak of a Daal channel and moving above the advancing averages of both 100 and 200 days. The most important difference here is that these advancing averages have not yet formed a bullish crossover, which suggests that the market may not be ready for a decisive outbreak.

Nevertheless, the prospects with the active above both advanced averages and the critical 2,400 SAT support area remain constructive. When the momentum builds, a meeting to the 3000 SAT level probably seems to be on the table with even a potential retest of the 3,400 SAT resistance zone.