🚀 Crypto Ripple Seems Primed for a Drop to $0.5, But Will the Bulls Retaliate? (XRP Price Analysis)

[Gr@c3]

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.


xrp_price_chart_2602241

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.


Source: TradingView

The post Ripple Seems Primed for a Drop to $0.5, But Will the Bulls Retaliate? (XRP Price Analysis) appeared first on CryptoPotato.