bullish

Ripple’s price has recently experienced a significant decline, just as market participants were becoming optimistic about the beginning of a new bullish run.
By Edris Derakhshi (TradingRage)
<h3 id="b-the-usdt-paired-chart-b">The USDT Paired Chart</h3>
Against USDT, the XRP price broke above the $0.6 resistance level last week. Unfortunately,, it failed to hold above, and it crashed rapidly below the level and the 200-day moving average, located around the $0.55 mark.
The market has also failed to climb above the 200-day DMA, which is being rejected to the downside.
With the RSI also below 50%, the momentum is bearish, and a decline toward the $0.5 level is expected in the short term.
<figure id="attachment_364707" aria-describedby="caption-attachment-364707" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/XRPUSDT-Daily-Oct-7-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-364707" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-btc-paired-chart-b">The BTC Paired Chart</h3>
The XRP/BTC chart looks quite similar to the USDT pair. The market is gradually dropping below the 200-day moving average, around the 850 SAT mark.
If the 800 SAT level is also broken to the downside, a further downtrend toward the 600 SAT support zone is probable in the coming weeks.
With the RSI also showing bearishness in momentum, it seems likely that the market will plunge even further. However, things can quickly change if the 800 SAT level remains intact.
<figure id="attachment_364706" aria-describedby="caption-attachment-364706" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-364706 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-scaled.jpg" alt="xrp_price_chart_0710242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/XRPBTC-Daily-Oct-7-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-364706" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/ripple-price-analysis-is-xrp-headed-for-a-drop-to-0-5/" rel="noopener noreferrer nofollow">Ripple Price Analysis: Is XRP Headed for a Drop to $0.5?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Ripple Price Analysis: Is XRP Headed for a Drop to $0.5?

Table of Contents

CryptoPotato_News

Other articles published on Oct 7, 2024

Cardano Rockets 300% in Fund Flows, XRP in Green Too

Ethereum’s Proposal Aims to Skyrocket Throughput by 50 Percent

Experts go all in on Intel Markets instead of overpriced ETH and SOL

Solana’s New Web3 Smartphone "Seeker": What You Need to Know

Bittensor (TAO) Price Explodes with a 22% Jump—Is a Major Breakout on the Horizon?

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Join our free newsletter for daily crypto updates!