XRP Nosedives 9% as Bears Are Already Looking at $0.4 But is it Too Soon? (Ripple Price Analysis)
While XRP investors have been hoping for the coin’s price to rally for the past few months, the exact opposite is occurring at the moment. Yet, this shakeout might just be the final phase before a new uptrend.
Ripple Price Analysis
By TradingRage
The USDT Paired Chart
Against USDT, XRP has consolidated inside a large symmetrical triangle over the past couple of months. However, the market has fallen below the pattern recently, and the $0.5 support level has also broken down.
If the price does not quickly climb back above this level, a short-term decline toward the $0.4 support zone could be expected.
The BTC Paired Chart
The XRP/BTC pair’s daily chart shows a multi-quarter downtrend. XRP has been declining against BTC since November last year when the price failed to break above the 200-day moving average.
Recently, Ripple briefly tested the 600 SAT support and is currently consolidating between it and the 800 SAT resistance zone.
While there is still no sign of a rebound, with the RSI indicator recovering from the oversold region, the market could finally move higher toward the 200-day moving average around the 1000 SAT mark. This is, of course, if the 600 SAT level holds.
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