Ripple Price Trapped Between Moving Averages: Can It Breakout?

• Ripple’s price has been on the rise over the last couple of weeks following Bitcoin’s rally.
• Ripple is currently trapped between the 50-day and 100-day moving averages, located around $0.37 and $0.39, respectively.
• If the 200-day moving average gets broken to the upside, the significant $0.43 level would be the next obstacle that must be taken out before the market structure can shift to bullish.

Ripple (XRP) has been on a rollercoaster ride over the last few weeks. After a sharp decline in the price of XRP, the cryptocurrency has been able to regain some of its lost ground and is now fighting for the key $0.40 level. This is an important resistance level that needs to be broken before a bullish shift in the market structure can be seen.

Technical analysis of the XRP/USDT chart shows that the price is trapped between the 50-day and 100-day moving averages, located around $0.37 and $0.39, respectively. This means that a breakout above the $0.40 level is needed in order to turn the market structure bullish.

If the 200-day moving average gets broken to the upside, this would be a signal that XRP is set to move higher and the significant $0.43 level would be the next obstacle that must be taken out before the market structure can shift to bullish. If the 200-day moving average holds, the price will likely retrace back towards the $0.37 level.

On the fundamental side, the recent news that Ripple is partnering with MoneyGram to use its xRapid payment system has been well-received by the crypto community. The partnership is seen as a vote of confidence in Ripple’s technology and could lead to more institutional adoption.

In conclusion, Ripple is currently in a critical position as it battles for the $0.40 level. If this level is broken and the 200-day moving average is taken out, a bull market in XRP could begin. On the other hand, if the 200-day moving average holds, the price could retrace back towards the $0.37 level. The next few days will be critical for the cryptocurrency, as the market will determine its fate.