According to CryptoPotato, Ripple's price has been in a consolidation phase for the past few weeks, showing no significant signs of recovery. The last 24 hours have seen a slight increase in volatility for the asset, but any breakout attempt was quickly curtailed due to a market-wide correction. The future of the market largely depends on the direction of its breakout from the current range.
The price action on the USDT paired chart has been erratic recently, with the market showing no inclination to move in either direction. Ripple's price is caught between the 200-day moving average, around the $0.6 mark, and the $0.5 support level. Despite some positive news in the market and specifically related to Ripple, the asset has not come close to the higher end of the range. Apart from a few brief spikes towards $0.55, Ripple has mostly hovered just above $0.5. The Relative Strength Index (RSI) is also around the 50% level, failing to suggest any likely direction for future price action. As such, most predictions would be pointless until a breakout, either higher or lower, occurs.
The situation is quite similar when looking at the Ripple/Bitcoin (XRP/BTC) pair. The price has been consolidating around the 800 SAT level, despite Bitcoin's recent volatility, which has been driven by news surrounding the Ethereum ETF landscape. Currently, there are no signs of recovery for Ripple, and the market remains in a long-term downtrend. With the RSI showing values below 50%, the momentum also favors a bearish continuation. In summary, a breakout back above the 200-day moving average located around the 1,100 SAT level is the only way for the market to initiate a new bull run.
