As Edris Derakhshi, with over two decades of trading experience under my belt, I must admit that this recent decline in Ripple (XRP) has left me feeling like a seasoned investor who’s just learned a new trick from a streetwise pickpocket. The market’s optimism about the start of a bull run seemed premature, and now we’re paying the price – quite literally.
Lately, Ripple‘s value has noticeably dropped, contrary to the growing excitement among investors who were anticipating the commencement of a fresh bullish trend in the market.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
Last week, the price of XRP overtook the $0.6 barrier in comparison to USDT, but unfortunately, it was unable to maintain its position above this level. Consequently, there was a swift descent below both the $0.6 resistance and the 200-day moving average, which is approximately at the $0.55 point.
The market has also failed to climb above the 200-day DMA, which is being rejected to the downside.
With the Relative Strength Index (RSI) falling under 50, the market trend appears to be bearish. In the immediate future, there might be a downward movement towards the $0.5 mark.
The BTC Paired Chart
The XRP/BTC graph seems quite analogous to the one for USDT. Over time, the market appears to be sliding beneath the 200-day moving average, approximately at the 850 SAT level.
If the SAT score at the 800 level drops even more, there’s a high likelihood that it will continue falling towards the 600 SAT support area over the next few weeks.
It appears that the RSI indicates a downtrend in momentum, suggesting a potential deepening of the market decline. Yet, if the 800 SAT level holds strong, things could shift rapidly.
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2024-10-07 16:03