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.
By TradingRage
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
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.
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