According to CryptoPotato, XRP investors have been eagerly awaiting a price rally for the past few months, but the coin's value is currently trending downwards. However, this downturn could potentially be the last phase before a new uptrend begins.
In a price analysis by TradingRage, it was noted that XRP, when paired with USDT, has been consolidating within a large symmetrical triangle for the past couple of months. The market has recently fallen below this pattern, and the $0.5 support level has also been breached. If the price does not quickly recover above this level, a short-term decline towards the $0.4 support zone could be anticipated.
The daily chart of the XRP/BTC pair shows a multi-quarter downtrend. XRP has been on a decline against BTC since November of the previous 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. Despite the lack of a rebound sign, the market could potentially move higher towards the 200-day moving average around the 1000 SAT mark, provided the 600 SAT level holds.
Investors are advised to conduct their own research before making any investment decisions and to use the provided information at their own risk.