Ripple’s price has been consolidating against USDT while consistently dropping lower against BTC. From a technical analysis perspective, things might get worse in the short term if nothing changes. Let’s take a closer look at the charts.
The USDT Paired Chart:
– On the daily chart, Ripple’s price has been testing the higher boundary of a large descending channel and the 200-day moving average around the $0.55 price mark.
– However, the 200-day moving average has rejected the price to the downside, suggesting that the market is likely to pull back towards the $0.50 level in the short term.
– The RSI breaking below the 50% level is also another signal that a correction is probable.
The BTC Paired Chart:
– Looking at Ripple’s daily timeframe against Bitcoin, things are looking much worse. The price has been on a consistent downtrend since breaking below the 1300 SAT level.
– The RSI has also been showing values below 50% for a while now, indicating that Ripple is likely to drop even lower in the upcoming months.
– In this scenario, the 800 SAT support level can be a feasible target before the market finds a bottom.
It’s important to keep an eye on these technical indicators as they provide insights into Ripple’s potential future movements. Remember, technical analysis is just one tool to consider when making trading decisions. Other factors such as fundamental analysis and market sentiment should also be taken into account.
In conclusion, Ripple’s price is currently facing resistance on both the USDT paired chart and BTC paired chart. The technical indicators suggest that there might be further downside potential in the short term. As always, it’s crucial to do your own research and consult with professional advisors before making any investment decisions.
🔥 Hot Take:
Ripple’s price is struggling against both USDT and BTC pairs, indicating potential bearish momentum in the short term. It’s important to closely monitor the charts and consider other factors before making any trading decisions. Remember to stay informed and make well-informed choices in the ever-changing crypto market.
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