Bulls Defend the $0.5 Support Level, But XRP Still in Danger: Ripple Price Analysis

Ripple’s price has been consolidating over the last few weeks, failing to show any real signs of recovery. The past 24 hours were slightly more volatile for the asset, but its breakout attempt was quickly halted amid the market-wide correction.

The mid-term fate of the market entirely depends on the direction of its breakout from the current range.

By TradingRage

The USDT Paired Chart

The price action on the USDT paired chart has been very choppy lately. The market is yet to show any desire to move in either direction. XRP’s price is trapped between the 200-day moving average, around the $0.6 mark, and the $0.5 support level.

However, the asset has failed to come anywhere near close to the higher side of the range, despite some positive news in the market and such related to XRP in particular. Aside from a few brief spikes toward $0.55, XPR has been mainly sitting just inches above $0.5.

The RSI also hovers around the 50% level, failing to indicate any probable direction for future price action. Therefore, until there is no breakout higher or lower, most predictions would be meaningless.

The BTC Paired Chart

Looking at the XRP/BTC pair, things look quite similar. The price has been consolidating around the 800 SAT level, even though BTC has been a lot more volatile lately, fueled by the news surrounding the Ethereum ETF landscape. For now, there are no signs of recovery for XRP, and the market is still in a long-term downtrend.

With the RSI showing values below 50%, the momentum is also in favor of a bearish continuation. Overall, a breakout back above the 200-day moving average located around the 1,100 SAT level is the only way for the market to begin a new bull run.

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Cryptocurrency charts by TradingView.

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