Ripple’s price has been experiencing a gradual decline against both USDT and BTC, forming lower highs and lows. However, there is still room for optimism as there is a potential rebound from the nearby support level.
According to technical analysis by Edris, on the USDT paired chart, the price has been following a bearish trend on the daily timeframe. The 200-day moving average, which is around the $0.5 mark, is currently acting as resistance and preventing the price from rising towards the $0.55 resistance zone. If the 200-day moving average holds, it is likely that the market will drop to the $0.43 support level in the short term. The RSI indicator also indicates that the momentum is in favor of the sellers, further supporting the possibility of a retest of the $0.43 level.
On the BTC paired chart, the price action for XRP is more interesting. It has reached a significant support level at the 1800 SAT area, with the 200-day moving average providing crucial support in the same zone. However, if this support level breaks down, it could lead to an unfavorable situation for XRP, potentially resulting in a crash. On the other hand, if there is a short-term rebound, the price would need to surpass the 50-day moving average, currently around the 2000 SAT mark, before aiming for higher targets.
It is important to conduct thorough research and analysis before making any investment decisions. The information provided here is based on the opinions of quoted writers and does not represent the opinions of CryptoPotato. Use the information at your own risk.
Sources:
– Technical analysis by Edris: [Twitter](https://twitter.com/TradingRage)
– Cryptocurrency charts: [TradingView](https://www.tradingview.com/ideas/cryptocurrency/)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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