XRP Decline: When Can Bulls Return? (Ripple Price Analysis)

XRP Decline: When Can Bulls Return? (Ripple Price Analysis)

XRP Decline: When Can Bulls Return? (Ripple Price Analysis)

XRP’s value has been gradually decreasing recently, and the present situation does not seem to be in favor of XRP.

Technical Analysis

By Edris

Analyzing the USDT-Paired Chart

And once examining the USDT-paired chart, you can observe that the price is struggling to recover following a recent fall from the $0.9 resistance level. In addition, the market is not finding support from the 200-day moving average, which is situated around the $0.5 mark, as the price has consistently closed below it in recent days.

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Considering the present market structure and the RSI indicator’s values being significantly below 50%, there is a high probability of the price declining towards the $0.43 level of support in the near future.

Analyzing the BTC-Paired Chart

And once examining the BTC-paired chart, we can observe similarities to the USDT-paired chart. Despite the fact that the 200-day moving average remains intact at around the 1850 SAT level, the price is forming lower highs and lows, indicating a bearish market structure.

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If the 200-day moving average and the 1800 SAT level of support are breached downwards, Ripple’s situation will worsen, potentially causing the price to quickly fall towards the 1500 SAT range.

Hot Take

The decline in Ripple’s price, along with the bearish market structure and technical indicators, suggests a challenging period for XRP Ripple (XRP). It is essential for you, as a cryptocurrency reader, to closely monitor the market developments and be prepared for probable further declines in XRP’s value.

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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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