Ripple’s price has been declining gradually against both USDT and BTC, forming lower highs and lows. However, there is still reason for optimism as there is a potential for a rebound from the nearby support level.
Technical Analysis
By Edris
The USDT Paired Chart
The price of Ripple has been experiencing a bearish trend against USDT on the daily timeframe. The 200-day moving average is acting as resistance, 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 shows values below 50%, indicating that momentum favors sellers and a retest of the $0.43 level is probable.
The BTC Paired Chart
Against BTC, XRP has reached a significant support level at the 1800 SAT area. The 200-day moving average in this zone is providing crucial support. If this level breaks down, it could lead to an unfavorable situation for XRP and a subsequent crash. On the other hand, if there is a short-term rebound, the price would need to surpass the 50-day moving average around the 2000 SAT mark before aiming for higher targets.
Hot Take: What to Expect for XRP in the Coming Days
Ripple’s price has been on a downward trend against both USDT and BTC. However, there is still hope for a potential rebound from nearby support levels. In the USDT paired chart, the price is facing resistance from the 200-day moving average, which could result in a drop to the $0.43 support level. Meanwhile, in the BTC paired chart, XRP has reached a significant support level at 1800 SAT with crucial backing from the 200-day moving average. If this support level holds, a short-term rebound could be possible. However, if the support level breaks, it could lead to a negative outcome for XRP.
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