Is a Drop Toward $0.4 in Play as XRP Bears Take Control? (Ripple Price Analysis)
Ripple’s price has been consolidating against USDT chart while recently increasing against BTC. Therefore, things are looking interesting for XRP and are worth taking a more in-depth look at.
Technical Analysis
By TradingRage
Ripple Price Analysis: The USDT Paired Chart
Against USDT, XRP has been consolidating around the $0.6 price mark after failing to break above the large bullish flag pattern.
The market has dropped below the $0.6 level and the 200-day moving average located nearby and, consequently, might be about to decline toward the lower boundary of the pattern and even the $0.4 support level.
The Relative Strength Index is also showing values below 50%, pointing to the fact that momentum is in favor of the sellers.
The BTC Paired Chart
Looking at the BTC pair, things are looking relatively better for XRP. The price has recently rebounded from the lower boundary of the large falling wedge and the 1300 SAT support level.
In case the market breaks above the higher trendline of the pattern and the 200-day moving average located around the 1800 SAT mark, a rally toward the 2200 SAT level could be expected in the coming months.
On the other hand, a breakdown of the 1300 SAT support zone would yield disastrous results for XRP as the price might plunge significantly.
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