Ripple’s price action has been far from convincing lately, as the cryptocurrency has been rejected from a key resistance level against the USD. XRP is also in a downtrend on the BTC paired chart, making things worse.
XRP/USDT Daily Chart:
On the XRPUSDT chart’s daily timeframe, the price has been rejected from the $0.43 level multiple times and is currently oscillating between the 200-day and 50-day moving averages located around $0.395 and $0.385 levels, respectively.
In case the 50-day moving average is broken to the downside, a drop toward the key $0.3 support level would be more likely in the short term. On the other hand, if the price manages to break above the $0.43 area, a rise toward the $0.55 resistance level would be likely.
XRP/BTC Daily Chart:
Against Bitcoin, XRP has been on a free fall since breaking the 0.000018 SAT level to the downside and retesting it, failing to break back above. Currently, the 0.000015 SAT support level seems like the most likely destination in the short term.
The RSI indicator, however, is demonstrating an oversold signal, as the oscillator has broken below the 30 level. This signal could point to a potential bullish pullback or consolidation in the short-term before a further continuation lower.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
#XRP #Struggles #Crash #Coming #Ripple #Price #Analysis