As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I can’t help but feel a sense of deja vu looking at the current state of Ripple (XRP). The tight consolidation, the break below key support levels on both USDT and BTC pairs, it all feels eerily familiar.
In recent times, the value of Ripple has been tightly confined within a narrow band, without providing any clear hint about its upcoming movement.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the chart showing USDT pairs, there’s been a significant plunge in the price from around $0.65, falling beneath the 200-day moving average, approximately positioned at $0.55.
For the past week, the market has been trending horizontally beneath its 200-day moving average without managing to climb back over it.
Given the current structure, it seems probable that we’ll see a continued drop towards the $0.5 support level in the near future. However, there’s also a possibility of a recovery occurring around that region.
The BTC Paired Chart
The BTC paired chart is in a similar condition.
In simpler terms, the market hasn’t been able to surpass the 1000 Satoshi (SAT) threshold yet and is now facing a challenge at the 800 SAT support zone, which coincides with the position of the 200-day moving average.
Should these levels fall, it might lead to a potential decrease, possibly reaching around 650 on the SAT within the next few weeks.
Instead, moving upward from the 800 SAT range might potentially trigger an uptrend aiming for the 1,200 SAT level. However, this optimistic outlook is significantly less likely compared to the pessimistic one.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- USD NZD PREDICTION
- GBP CAD PREDICTION
- WOO PREDICTION. WOO cryptocurrency
- INR RUB PREDICTION
2024-10-09 17:44