Ripple’s price has been dropping over the last few days as the crypto market has experienced a significant plunge.

However, the cryptocurrency is currently demonstrating signs of short-term recovery.

By TradingRage

The USDT Paired Chart

On the USDT paired chart, the price has failed to stay above the $0.6 resistance level and the 200-day moving average, which is located around $0.55.

The market has displayed a rapid rebound from the $0.43 support level and reclaimed $0.5.

Yet, before any considerable bullish move can be expected, the market should first break back above the 200-day moving average.

Source: TradingView

The BTC Paired Chart

Looking at the XRP/BTC pair, the price has recovered above the 800 SAT support level and is currently hovering around the 200-day moving average, located around the 900 SAT mark.

If the price can successfully break higher, a rally toward the 1200 SAT resistance zone could be expected.

With the RSI also showing values above 50%, the momentum is in favor of such a bullish move. On the other hand, if the 800 SAT support level is broken down to the downside, it is likely possible for the market to create a new low.

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Cryptocurrency charts by TradingView.