Outside Source
Ripple’s price has been gradually declining, forming lower highs and lows against both USDT and BTC.
Despite this, investors can still be optimistic, as a potential rebound from the nearby support level is possible.
Technical Analysis
By Edris
The USDT Paired Chart
The price has been going through a bearish trend on the daily timeframe against USDT. The 200-day moving average, located around the $0.5 mark, is currently acting as resistance, preventing the price from rising toward the $0.55 resistance zone.
If the 200-day moving average holds, it is likely that the market will drop to the $0.43 support level in the short term. The RSI indicator also shows values below 50%, indicating that the momentum is in favor of the sellers, and a retest of the mentioned $0.43 level is probable.
The BTC Paired Chart
Against BTC, the price action is looking more interesting, as XRP has reached a significant support level at the 1800 SAT area. The 200-day moving average, located near the same zone, is also providing crucial support. If this level breaks down, the situation could become unfavorable for XRP, and a subsequent crash would be likely.
On the other hand, if there is a short-term rebound, the price would first need to surpass the 50-day moving average, which is currently around the 2000 SAT mark, before aiming for higher targets.
This article first appeared at CryptoPotato
