XRP Price Assessment: Cryptocurrency Approaches Key Support Level, Potential Decline May Result in Additional Losses

Ripple’s price exhibits bearish indicators; should the current critical support level fail, the decline could accelerate more rapidly.

Technical Analysis

By Edris

The USDT Paired Chart

On the USDT paired chart, the price has remained above the 200-day moving average, around the $0.5 level, for the past several weeks. However, it is now testing this moving average. If this moving average is breached, the price may swiftly decline towards the $0.43 mark.

Conversely, if the price bounces back from the 200-day MA, it could initiate a bullish movement towards the $0.55 resistance area. Nevertheless, with the RSI indicator reflecting values below 50%, it is more probable that the bearish scenario will unfold.

The BTC Paired Chart

Examining the BTC paired chart reveals a similar trend. XRP is moving downward towards the 1800 SAT level, following the breakdown of the 2200 SAT level and the 50-day moving average near the 2100 SAT region. XRP’s bulls are hopeful that the 200-day moving average, situated around the 1800 SAT level, will avert a further decline towards the 1500 SAT area and lower. If XRP falls below this support zone, the outlook will deteriorate on the Bitcoin-paired chart.

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