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.
By: Edris
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.
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 the price is currently testing the 0.000015 support level.
In case this level is broken through, a plunge toward the 0.000012 level would be probable. The RSI is also trending below 50%, as the momentum is clearly bearish on this chart.
