For the last 8 months, Ripple price has been exhibiting a rather annoying consolidation behavior. However, the situation may soon change, but not necessarily for the better. 📉
On the XRP/USDT chart, the price has slowly declined recently and traded below the $0.5 level and traded as low as $0.37. However, the $0.4 support zone prevented a daily candle close below the zone and is currently holding the market. In this case, a recovery towards $0.5 is expected in the short term. However, if the level drops, the price will likely drop further. 📈
The situation is slightly better on the XRP/BTC pair chart. Ripple has shown more resilience compared to Bitcoin during the recent crypto decline. The price recovered from the 700 SAT support level and is currently moving towards the 900 SAT resistance zone.
The 200-day moving average is also approaching the price, around the 1000 SAT mark.
If the market can break both the 900 SAT level and the 200-day moving average, Ripple could finally start a new uptrend in the BTC pair and potentially the USDT pair.