Ripple Price Analysis: The USDT Paired Chart
Against USDT, XRP has been on the decline since getting rejected from the resistance $0.7 level. The price has been trapped inside a descending channel, failing to break it to the upside on multiple occasions.
The 200-day moving average, located near the $0.6 price mark, has also been broken, and the market seems more likely to drop toward the channel’s lower boundary and even the $0.43 support area in the upcoming weeks.
The BTC Paired Chart
The BTC paired chart demonstrates a similar situation for Ripple. XRP has been depreciating against Bitcoin for the last few months, declining inside a large falling wedge. Yet, the price has recently rebounded from the lower boundary of the pattern and the 1300 SAT support level.
While this is a positive sign, no bullish predictions can be made with high accuracy until the wedge is broken to the upside. The 200-day moving average is also a key indicator, and until XRP trades below it, the market trend is considered bearish.
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