Ripple Price Analysis: The Bulls Must Defend This Level to Prevent a Massive Crash for XRP
Ripple’s price has been consolidating for almost a month now. Yet, the market’s future direction could be determined soon.
By TradingRage
The USDT Paired Chart
Against USDT, the cryptocurrency is still showing no signs of recovery. Since the market dropped below the 200-day moving average, located around the $0.6 level, the price action has been extremely choppy.
Currently, the $0.5 support level is being tested once again. If the level breaks down, a decline toward the $0.4 zone would be imminent. With the RSI showing values below 50%, the momentum is bearish, and there is a considerable probability for this scenario.
The BTC Paired Chart
The XRP/BTC chart paints a completely different picture. Ripple has been consistently dropping against BTC for the last 6 months. The 800 SAT level has recently held the price, preventing it from a further decline.
Meanwhile, after almost a month of consolidation around the level, it seems that the 800 SAT zone is on the verge of a breakdown. This would be a catastrophic scenario, as the price could experience a flash crash.
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
You may also like
Biden vetoes bill overturning SAB 121, says standard 'necessary' for crypto innovation
Quick Take U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin, SAB 121, establishing accounting standards for firms that custody crypto. “Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation,” the president said in a letter to the U.S. House. The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could pre
