As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations. However, the recent price action of Ripple (XRP) against both USDT and Bitcoin (BTC) is leaving me feeling uneasy.
After several weeks of stability, Ripple‘s price appears to be preparing for a substantial decrease instead of the expected increase.
By TradingRage
The USDT Paired Chart
Over the past few months, XRP versus USDT has exhibited a symmetrical triangle pattern in its price action, following a decline that took it under the 200-day moving average.
On Friday, the market experienced a sudden drop. While the price has recovered more than half of its losses, the daily candle has closed below the triangle pattern.
As a crypto investor, I’ve noticed that with the Relative Strength Index (RSI) dipping below the 50% mark, the momentum seems to be shifting in favor of a potential bearish trend. If the support at $0.5 gives way, it’s likely we could see prices testing the $0.4 support zone.
The BTC Paired Chart
The downward trend of the XRP–BTC exchange rate is more pronounced now. It started declining in November of the previous year, and there’s been no sign of recovery since then. The market attempted to surpass the 800 SAT resistance level but failed, leading to another bearish price action.
In the short term, it appears that XRP reaching a SAT value of 600 against Bitcoin is a plausible outcome, given its current downward trend.
Investors need to monitor the Relative Strength Index (RSI) closely as it has dipped into the oversold zone, potentially indicating a price rebound in the near future.
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2024-06-09 18:20