Opinion: Despite Ripple price consolidation, the market could see further gains

According to CryptoPotato, although the price of Ripple has been consolidating in the past few weeks and has failed to continue to recover, the market is still likely to rise further. According to technical analysis by TradingRage, the USDT pairing chart shows that the price recently rebounded from the $0.4 support area and climbed above $0.5. However, the 200-day moving average located near $0.6 is still intact. The price is currently falling again to $0.5. If this level holds, XRP may rush to the 200-day moving average. However, as the RSI shows a value below 50%, the market momentum is still biased towards the bear market. In the BTC pairing chart, the downward trend of the market has finally stopped, and the 800 SAT level has prevented the price from falling further. At the same time, the relative strength index has been oscillating around the 50% level, indicating that the market is in a state of balance. If the 800 SAT area holds, investors can be optimistic that the XRP price can climb to the resistance level of 1200 SAT and near the 200-day moving average. However, as long as the cryptocurrency remains below the 200-day moving average, the trend of the market cannot be considered bullish.