XRPโs value has been gradually decreasing recently, and theย present situation does not seemย to be in favor of XRP.
Technical Analysis
By Edris
Analyzing the USDT-Paired Chart
Andย 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. Inย 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.
Considering theย present market structure and the RSI indicatorโs values being significantly below 50%, thereย is a high probability of the price declining towards the $0.43 levelย ofย support in the near future.
Analyzing the BTC-Paired Chart
Andย once examining the BTC-paired chart, we can observe similarities to the USDT-paired chart. Despiteย theย factย 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.
If the 200-day moving average and the 1800 SAT levelย ofย support are breached downwards, Rippleโs situation will worsen, potentially causing the price to quickly fall towards the 1500 SAT range.
Hot Take
The decline in Rippleโs price, along with the bearish market structure and technical indicators, suggests a challenging period for XRPย Rippleย (XRP). It is essential for you, as a cryptocurrency reader, to closely monitor the market developments and be prepared for probable further declines in XRPโs value.
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.
