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

19 January 2024

in XRP

Reading Time: 3 mins read

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.

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.

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Source: TradingView

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

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.

Credit: Source link

[crypto-donation-box]