Ripple makes a big splash. XRP price posted a sharp rally against Bitcoin on continued optimism about a potential settlement with the SEC, but can it avoid a correction?
in the run-up to the Ripple vs. SEC verdict. But while it remains to be seen if this will then turn into"sell the news," depending on the outcome of the ruling, XRP's technicals are hinting at a potential correction.Total crypto market cap shows strength even after the Merge and Federal Reserve rate hike
The relative strength index for XRP/BTC reached almost 85 on Sept. 23, way above the overbought threshold of 70 that typically precedes a strong price correction or consolidation. XRP/BTC has already corrected by nearly 10% from its 13-month peak, as shown in the chart below. The pair now tests 0.00002601 as its short-term support, which, if broken to the downside, could have it test 0.00002079 as its primary downside target or a 20% drop from current levels by the end of the year.Meanwhile, XRP eyes a similar sharp correction versus the dollar after crossing paths with a multi-month descending trendline resistance, as shown below.
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