Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ripple Price Analysis: The Bulls Must Defend This Level to Prevent a Massive Crash for XRP

Ripple Price Analysis: The Bulls Must Defend This Level to Prevent a Massive Crash for XRP

CryptopotatoCryptopotato2024/05/15 13:07
By:CryptoVizArtMore posts by this author

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Cardano CEO Brings Nintendo Games to Hydra

Imagine playing your favorite classic Nintendo games – like Super Mario or The Legend of Zelda – but not on an old console

Altcoinbuzz2024/10/31 22:22