Ripple’s price has been demonstrating a very frustrating consolidation behavior over the last 8 months. Yet, things might be about to change soon, but not necessarily for the better.
By TradingRage
The USDT Paired Chart
On the daily timeframe of the XRP/USDT chart, the price has been on a gradual decline recently, breaking below the $0.5 level and falling as low as $0.37.
However, the $0.4 support zone has prevented a daily candle close below the area and is currently holding the market. In this case, a recovery toward the $0.5 level could be expected in the short term. Yet, if the level breaks down, the price will likely crash even lower.
The BTC Paired Chart
Things are slightly better on the XRP/BTC paired chart, as Ripple has shown more resilience compared to Bitcoin during the recent crypto decline. The price has recovered from the 700 SAT support level and is currently moving toward the 900 SAT resistance zone.
The 200-day moving average, located around the 1000 SAT mark, is also closing in on the price.
If the market is able to break both the 900 SAT level and the 200-day moving average, Ripple can finally begin a new uptrend on the BTC pair and potentially also on the USDT pair.
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Cryptocurrency charts by TradingView.