Technical Analysis: Ripple’s Price and Market Outlook
The recent performance of Ripple’s price has been predominantly bearish, with a rejection from the critical resistance level of $0.9. Additionally, XRP has been trending negatively in comparison to BTC (XRP/BTC).
Key Points:
1. XRP-USDT Chart: On the USDT-pair chart, XRP has experienced a rapid decline. The downside break of the 50-day moving average at around $0.63 and the static $0.55 level indicates significant momentum and volume. Currently, the market is consolidating above the 200-day moving average near $0.5, but the price has not closed below it yet.
2. Potential Bullish Pullback: With RSI recovering from the oversold region, there is a possibility of a bullish pullback to retest the $0.55 support-turned-resistance level or even the 50-day moving average. However, the overall trend remains bearish, and lower prices can be expected in the coming weeks.
3. XRP-BTC Chart: The BTC pair reflects a similar pattern. XRP’s price has fallen below key support levels and is currently ranging between the 200-day moving average and the 50-day moving average, around the 1800 SAT and 2200 SAT levels, respectively.
4. Breakout and Bearish Outlook: A breakout from this range will play a crucial role in determining Ripple’s short-term price action. However, the market structure suggests a higher probability of further bearish movement, as the RSI indicates values below 50%.
Hot Take:
Ripple’s price has been on a downward trend, facing resistance at $0.9 and showing negative performance compared to BTC. While there may be a potential bullish pullback, the overall outlook remains bearish, indicating the possibility of lower prices in the coming weeks. The BTC pair also suggests a higher likelihood of further bearish movement.
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