Ripple’s price action has been relatively bearish recently, following a rejection from a significant resistance level. Currently, XRP is trading near a key support level, and its reaction would determine the short-term market trend.
Technical Analysis
By: Edris
XRP/USDT Daily Chart
The price is ranging around the 50-day moving average, located near the $0.46 level. A breakdown of this moving average would lead make the market retreat further towards the $0.4 support level and the 200-day moving average.
Conversely, a rebound from either of these support levels would result in another rally and potential breakout above the significant $0.6 resistance area. The RSI has also shown values below 50%, pointing to the bearish momentum in this timeframe, as well as boosting the probability of a deeper decline.
XRP/BTC Daily Chart
Looking at the BTC paired chart, XRP has failed to break out from the sizeable descending channel once more and is creating lower highs and lows. The 50-day moving average has been broken to the downside, and the price is currently testing the 0.000015 support level.
In case this level is broken through, a plunge toward the 0.000012 level would be probable. The RSI is also trending below 50%, as the momentum is clearly bearish on this chart.
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