XRP’s Consolidation on USDT Pair
XRP’s price has been consolidating on the USDT pair for the past few weeks. It has not shown any significant movement in either direction.
However, the situation is different when looking at XRP against BTC.
Technical Analysis
By TradingRage
Ripple Price Analysis: The USDT Chart
On the USDT chart, XRP’s price has found support at the $0.6 level. But it has not shown strong bullish momentum in a rebound. If the $0.6 level holds, there is a possibility of a rise towards the $0.72 resistance level in the near term.
On the other hand, if the $0.6 level breaks, XRP may drop to the 200-day moving average around $0.54.
A decline below the 200-day moving average would be bearish, with the next significant support level at $0.45.
The BTC Paired Chart
Against BTC, XRP’s price has been consistently making lower highs and lower lows. It has already broken both the 1800 SAT and 1600 SAT support levels to the downside.
However, there is a likelihood of a pullback to the broken 1600 SAT zone, which now acts as a resistance level based on price action.
The relative strength index also indicates an oversold signal, increasing the probability of a pullback in the coming days. A rejection from this level could lead to a further drop towards the 1250 SAT support zone.
Hot Take: XRP’s Price Consolidation Continues
XRP’s price has been consolidating on the USDT pair, showing no strong movement. However, when looking at XRP against BTC, the price has been declining with lower highs and lows. On the USDT chart, if the $0.6 support level holds, there is a possibility of a rise towards $0.72. Conversely, a break below $0.6 could lead to a drop towards the 200-day moving average at $0.54. Against BTC, there may be a pullback to the broken 1600 SAT zone before further decline towards the 1250 SAT support zone.
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