Tuesday , April 23 2024
Home / Bitcoin (BTC) / XRP Bears Target $0.5 as Bulls are Nowhere to be Seen (Ripple Price Analysis)

XRP Bears Target $0.5 as Bulls are Nowhere to be Seen (Ripple Price Analysis)

Summary:
Ripple’s price action against both USDT and BTC has been bearish for the last few months. Analyzing the charts might provide clues on the potential direction of the market in the short term. Technical Analysis By TradingRage Ripple Price Analysis: The USDT Paired Chart Against USDT, XRP has been on the decline since getting rejected from the resistance %excerpt%.7 level. The price has been trapped inside a descending channel, failing to break it to the upside on multiple occasions. The 200-day moving average, located near the %excerpt%.6 price mark, has also been broken, and the market seems more likely to drop toward the channel’s lower boundary and even the %excerpt%.43 support area in the upcoming weeks. Source: TradingViewThe BTC Paired Chart The BTC paired chart demonstrates a similar

Topics:
CryptoVizArt considers the following as important: , , ,

This could be interesting, too:

Dimitar Dzhondzhorov writes Ripple in the Next Three Years: CEO Outlines Roadmap

Dimitar Dzhondzhorov writes Ripple Price Predictions Amid the Crash: Where’s XRP Headed?

Dimitar Dzhondzhorov writes ChatGPT Analyzes if XRP Can Flip SOL if Ripple Wins Against the US SEC

Jose Oramas writes Here’s Why April Is a Crucial Month for XRP’s Price: Analyst

Ripple’s price action against both USDT and BTC has been bearish for the last few months. Analyzing the charts might provide clues on the potential direction of the market in the short term.

Technical Analysis

By TradingRage

Ripple Price Analysis: The USDT Paired Chart

Against USDT, XRP has been on the decline since getting rejected from the resistance $0.7 level. The price has been trapped inside a descending channel, failing to break it to the upside on multiple occasions.

The 200-day moving average, located near the $0.6 price mark, has also been broken, and the market seems more likely to drop toward the channel’s lower boundary and even the $0.43 support area in the upcoming weeks.

xrp_price_chart_1901241
Source: TradingView

The BTC Paired Chart

The BTC paired chart demonstrates a similar situation for Ripple. XRP has been depreciating against Bitcoin for the last few months, declining inside a large falling wedge. Yet, the price has recently rebounded from the lower boundary of the pattern and the 1300 SAT support level.

While this is a positive sign, no bullish predictions can be made with high accuracy until the wedge is broken to the upside. The 200-day moving average is also a key indicator, and until XRP trades below it, the market trend is considered bearish.

xrp_price_chart_1901241
Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *