While XRP investors have been hoping for the coin’s price to rally for the past few months, the exact opposite is occurring at the moment. Yet, this shakeout might just be the final phase before a new uptrend.

Ripple Price Analysis

By TradingRage

The USDT Paired Chart

Against USDT, XRP has consolidated inside a large symmetrical triangle over the past couple of months. However, the market has fallen below the pattern recently, and the $0.5 support level has also broken down.

If the price does not quickly climb back above this level, a short-term decline toward the $0.4 support zone could be expected.

Source: TradingView

The BTC Paired Chart

The XRP/BTC pair’s daily chart shows a multi-quarter downtrend. XRP has been declining against BTC since November last year when the price failed to break above the 200-day moving average.

Recently, Ripple briefly tested the 600 SAT support and is currently consolidating between it and the 800 SAT resistance zone.

While there is still no sign of a rebound, with the RSI indicator recovering from the oversold region, the market could finally move higher toward the 200-day moving average around the 1000 SAT mark. This is, of course, if the 600 SAT level holds.

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 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position 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.