XRP Falls Below $0.50, But Bulls Look Eager To Recover (Ripple Price Analysis)

After weeks of consolidation, Ripple’s price is finally showing signs of starting a significant move. However, this is not good news as the expected move appears to be bearish.

By TradingRage

The USDT Paired Chart

Against the USDT, XRP has been consolidating within a symmetrical triangle pattern over the past two months since breaking below the 200-day moving average.

On Friday, the market experienced a sudden drop. Although the price has recovered more than half of its losses, the daily candle has closed below the triangle pattern.

With the RSI also falling below 50%, the momentum is in favor of a bearish move and a drop towards the $0.4 support area would be very likely if the $0.5 level is broken .

Source: TradingView The BTC Paired Chart

The XRP/BTC pair looks even worse. The price has been trending down since November last year, and there has been no stopping it. The market has recently failed to break above the 800 SAT resistance zone and another bearish move has begun.

The 600 SAT support level looks like a likely near-term target as XRP continues to depreciate against BTC.

However, investors should keep an eye on the RSI as it has entered the oversold region, which could lead to a recovery in the coming weeks.

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