Ripple’s Price Analysis: USDT Paired Chart
Ripple’s price on the USDT pair has been stuck in a descending channel for the past few months. After breaking below the 200-day moving average at around $0.60, the market has been steadily dropping.
However, the price of XRP has not yet reached a significant level of support. Although the Relative Strength Index is entering oversold territory, it is unlikely that the market will rebound until it tests the lower boundary of the channel.
The BTC Paired Chart
A similar pattern is observed on the BTC pair. Since reaching its peak in July, Ripple’s price has been gradually declining within a large falling wedge pattern. Currently, it is testing the 1300 SAT support level, but there are no signs of a potential rebound.
If there is a breakdown, the next target in the short term would be the lower boundary of the falling wedge pattern. The bearish continuation scenario seems likely as indicated by the Relative Strength Index showing values below 50%.
Hot Take: Ripple’s Price Continues to Decline
Ripple’s price continues to face downward pressure on both the USDT and BTC pairs. Technical analysis suggests that there is still room for further decline before a potential turning point. Traders should closely monitor key support levels and indicators such as the Relative Strength Index to determine if and when a reversal might occur.
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