• Ripple’s price has declined over the last few weeks, breaking both the 50-day and 200-day moving average lines to the downside.
• The market is showing a high willingness to drop toward the key $0.3 level, where the current bear market’s lowest low sits.
• Against BTC, things are not looking overly optimistic either, as the market structure is clearly bearish on the daily timeframe.
XRP Price Analysis
Ripple’s price has been decreasing over recent weeks which has seen two significant moving average lines (50-day and 200-day) broken to the downside. This suggests that prices could further drop in days ahead as things look negative from a technical analysis perspective.
Technical Analysis
When looking at XRP/USDT on its daily chart, prices have been rejected from around $0.43 and have broken both aforementioned moving averages which were located near $0.4. Currently there’s high potential for prices to fall even lower towards a key level of $0.30 where the current bear markets lowest low stands; if this area is breached then it would likely cause even more despair for buyers as it would lengthen this bear cycle even further. The Relative Strength Index (RSI) has already dipped below 50%, indicating ongoing bearish momentum and increasing probability of a decrease in short term prices.
XRP/BTC Daily Chart
The XRP/BTC daily chart isn’t much more encouraging with its clear bearish structure but prices are still being supported above 0.000015 by the 50-day moving average which can be found near 0.000017 and might be tested should any rebound take place soon; however a downward trend would still be expected until resistance at 0.000018 is cleared out first – something indicated too by its RSI indicator remaining below 50%.
Conclusion
Overall, technical analysis indicates that there’s an ongoing risk of deeper drops in XRP prices due to support levels having already been broken; these could potentially bring Ripple down towards its current bear markets lowest low of $0.30 or possibly even beyond depending on upcoming market developments so caution should be taken by traders before making any decisions hereon out regarding this cryptocurrency asset class!
References:
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