• Ripple’s current price action is bearish, with a potential for a deep decline if the key support level at $0.45 is broken.
• Technical analysis shows that both the XRP/USDT and XRP/BTC pairings are trending bearishly, with potential breakdowns from 50-day MA and 0.000015 support levels respectively.
• A rebound from either of these support levels would result in another rally and potential breakout above the significant $0.6 resistance area.
XRP Price Action Bearish
Ripple’s price action has been relatively bearish recently, following a rejection from a significant resistance level. Currently, XRP is trading near a key support level, and its reaction would determine the short-term market trend.
XRP/USDT Technical Analysis
The price is ranging around the 50-day moving average, located near the $0.46 level. A breakdown of this moving average would lead make the market retreat further towards the $0.4 support level and the 200-day moving average. Conversely, a rebound from either of these support levels would result in another rally and potential breakout above the significant $0.6 resistance area. The RSI has also shown values below 50%, pointing to the bearish momentum in this timeframe, as well as boosting the probability of a deeper decline.
XRP/BTC Technical Analysis
Looking at the BTC paired chart, XRP has failed to break out from the sizeable descending channel once more and is creating lower highs and lows. The 50-day moving average has been broken to the downside, and