As Edris Derakhshi, a seasoned crypto investor with more than a decade of experience in this rollercoaster market, I must say that Ripple’s latest price action has left me feeling like a kid on a bumpy carnival ride again. The sudden crash just as the bull run seemed to be gaining momentum is nothing new under the crypto sun.
As a researcher observing the cryptocurrency market, I find myself yet again grappling with the underperformance of Ripple‘s price. The market’s sudden downturn came at an unfortunate time, interrupting what appeared to be the start of a fresh bull run.
XRP Price Analysis
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
Compared to USDT, XRP has struggled to maintain a position above $0.6, and it has additionally fallen beneath its 200-day moving average after a sudden drop that was not foreseen.
The RSI also shows values below 50%, indicating that the market momentum is bearish.
As a researcher, if the price fails to rebound and surpass my 200-day moving average, I anticipate a potential downtrend that might lead us back towards the $0.5 support level.
The BTC Paired Chart
Looking at the XRP/BTC pair, the market is demonstrating similar behavior.
Based on current trends, the cost has dropped beneath the 200-day moving average and is also breaching the 800 SAT support line. At this point, it appears that a continued decrease towards the 600 SAT support area is more likely than any optimistic outlook.
If the market rises again and crosses over its 200-day moving average, which is approximately at the 900 SAT level, this situation would shift.
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2024-10-18 17:21