Ripple’s price has been consolidating for almost a month now. Yet, the market’s future direction could be determined soon.
By TradingRage
Against USDT, the cryptocurrency is still showing no signs of recovery. Since the market dropped below the 200-day moving average, located around the $0.6 level, the price action has been extremely choppy.
Currently, the $0.5 support level is being tested once again. If the level breaks down, a decline toward the $0.4 zone would be imminent. With the RSI showing values below 50%, the momentum is bearish, and there is a considerable probability for this scenario.
The XRP/BTC chart paints a completely different picture. Ripple has been consistently dropping against BTC for the last 6 months. The 800 SAT level has recently held the price, preventing it from a further decline.
Meanwhile, after almost a month of consolidation around the level, it seems that the 800 SAT zone is on the verge of a breakdown. This would be a catastrophic scenario, as the price could experience a flash crash.
The post Ripple Price Analysis: The Bulls Must Defend This Level to Prevent a Massive Crash for XRP appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]