Crypto Blog
Ripple’s price has been bearish over the last few weeks as it failed to continue its upward momentum. However, the momentum during the past few days has been quite tumultuous, resulting in a choppy price action that puts the trend into question.The daily chart shows that the price has been making higher highs and lows since rebounding from the $52K support level in September. The 200-day moving average, located around the $64K level, has also been broken to the upside.
Yet, even though $64K seems like a probable target, a drop toward it might not materialize, as a recovery and continuation could begin much sooner. If true, this behavior would confirm that a strong rally is starting for Bitcoin, and it would only be a matter of time before a new record high.As BTC approaches a new all-time high, market participants are wondering whether the large investors are taking profits or still accumulating. Based on this data, the latter seems true.
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