Technical Analysis
Ripple’s Price Trend
Over the past few weeks, Ripple’s price has been on a downward trend, failing to maintain its bullish momentum. Currently, the market is at a critical point when compared to both the USDT and BTC.
USDT Paired Chart
The price on the USDT paired chart has been declining and is currently testing the $0.6 support level. If this level breaks, the next potential support element is the 200-day moving average around the $0.55 mark. A drop below this moving average could lead to bearish market trends again.
BTC Paired Chart
Against BTC, the price has also failed to hold above the 200-day moving average, trending near the 1900 SAT mark and steadily declining. The 1600 SAT support level is currently preventing the price from dropping lower towards the 1250 SAT area, which is considered the buyers’ last resort. The Relative Strength Index indicates clear bearish momentum, suggesting a breakdown of the 1600 SAT support zone might occur soon.
Hot Take
With Ripple’s price declining and critical support levels being tested, the market is at a decisive point. The potential breakdown of these support zones could lead to further bearish trends in the near future.
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