Technical Analysis
Ripple Price Analysis: The USDT Paired Chart
XRP has been consolidating around the $0.6 price mark against USDT. However, it failed to break above the large bullish flag pattern. The market has dropped below the $0.6 level and the 200-day moving average, indicating a potential decline towards the lower boundary of the pattern and the $0.4 support level. The Relative Strength Index (RSI) is also below 50%, suggesting momentum favors sellers.
The BTC Paired Chart
In contrast, XRP’s performance against BTC looks more promising. The price recently rebounded from the lower boundary of a large falling wedge and the 1300 SAT support level. If the market breaks above the higher trendline of the pattern and the 200-day moving average around 1800 SAT, a rally towards the 2200 SAT level could be expected in the coming months. However, a breakdown of the 1300 SAT support zone would have negative consequences for XRP, potentially leading to a significant price plunge.
Hot Take: What Lies Ahead for XRP?
Ripple’s price consolidation against USDT and recent rebound against BTC present an interesting scenario for XRP traders. While facing potential downside pressure on the USDT paired chart, there is optimism surrounding its performance against BTC. The next crucial moves to watch out for are a potential decline towards $0.4 on the USDT chart and a breakout above 1800 SAT on the BTC chart. These levels will determine whether XRP experiences further downside or embarks on a bullish rally in the near future.
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