Ripple’s price has been consolidating against USDT while consistently dropping lower against BTC. Things might get even worse in the short term if nothing changes from a technical analysis aspect.
Technical Analysis
By TradingRage
The USDT Paired Chart
On the daily chart, the price has been testing the higher boundary of the large descending channel and the 200-day moving average around the $0.55 price mark.
However, the 200-day moving average has rejected the price to the downside, and the market is likely to pull back toward the $0.50 level in the short term. The RSI breaking below the 50% level is also another signal that such correction is probable.
The BTC Paired Chart
Looking at the Bitcoin pair’s daily timeframe, things are looking much worse for Ripple. The price has been on a consistent downtrend since breaking below the 1300 SAT level.
The RSI has also been showing values below 50% for a while now, indicating that the cryptocurrency is likely to drop even lower in the upcoming months. The 800 SAT support level can be a feasible target in this scenario before the market finds a bottom.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/ripple-seems-primed-for-a-drop-to-0-5-but-will-the-bulls-retaliate-xrp-price-analysis/