Ripple’s price has been consolidating for almost a month now. Yet, the market’s future direction could be determined soon.

By TradingRage

The USDT Paired Chart

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.

Source: TradingView

The BTC Paired Chart

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.

Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.