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Ripple’s price has been rallying rapidly over the recent weeks, making its way toward a new all-time high. Yet, there are some warning signs that could lead to a correction soon.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the USDT paired chart, the price has been surging aggressively since breaking above the 200-day moving average, located around the $0.55 mark. Both the $1 and $1.4 levels have also been broken to the upside, with the market approaching the $2 resistance zone and potentially a new all-time high.
However, the RSI is showing a massive overbought signal, which could result in a correction or deep pullback soon. In this case, the $1 area could be counted on as a potentially strong support level to prevent a complete trend reversal.
The BTC Paired Chart
The XRP/BTC daily chart shows a similar picture. The market has been rallying consistently after breaking above the 200-day moving average, located around the 900 SAT mark, and the long-term bearish trendline.
The price has also broken above the 1500 SAT level and is currently moving higher toward the 2,200 SAT resistance zone.
Yet, the RSI is once again showing an overbought state for the market, so a correction seems likely in the coming weeks.
This article first appeared at CryptoPotato
