Following weeks of consolidation, Ripple’s price is finally showing signs of beginning a significant move. However, this is not good news, as the anticipated move seems to be bearish.
By TradingRage
The USDT Paired Chart
Against USDT, XRP has been consolidating inside a symmetrical triangle pattern over the last couple of months since dropping below 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.
With the RSI also dropping below 50%, the momentum is in favor of a bearish move, and a drop toward the $0.4 support zone would be highly probable if the $0.5 level breaks down.
The BTC Paired Chart
The XRP/BTC pair looks even worse. The price has been trending lower since November last year, and there has been no stopping it. The market has recently failed to break above the 800 SAT resistance zone and has begun another bearish move.
The 600 SAT support level seems like a probable target in the short term, as XRP continues to depreciate against BTC.
However, investors should keep an eye on the RSI because it has entered the oversold region, which could lead to a recovery in the coming weeks.
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Cryptocurrency charts by TradingView.
