Ripples price has been sinking over the last few months following a clear rejection from a key resistance level. It is currently within a decisive area, and the outcome would likely determine the mid-term trend of the market.
By: Edris
The price has been making lower highs and lows recently, following the significant rally in early May. The bearish reversal at the $0.6 area has initiated the current downtrend, but the cryptocurrency is currently testing a key support level around both the $0.42 mark and the 200-day moving average.
A break below these levels would be catastrophic for Ripple, as the market could rapidly plunge toward $0.3, and potentially even lower, in the short term.
On the other hand, if a rebound occurs, the 50-day moving average, located near the $0.48 mark, would be the first likely target in the coming days.
Against BTC, the price is still trapped inside a large descending channel after failing to break above it on numerous occasions. The 50-day moving average near the 0.000017 level has also been broken to the downside, and the 0.000015 support is currently being penetrated.
A breakdown of this level would likely result in a deeper decline toward the 0.000013 level. The RSI is also showing values below 50%, as momentum is clearly in favor of the bulls.
