Bulls need to defend this level to avoid a massive crash for XRP

The price of Ripple has been consolidating for almost a month now. However, the future direction of the market could be determined soon.

By TradingRage

The USDT Paired Chart

Against the USDT, the cryptocurrency is still showing no signs of recovery. As the market fell below the 200-day moving average, located around the $0.6 level, the price action has been extremely choppy.

Currently, the $0.5 support level is being tested once again. If the level is broken, a drop towards the $0.4 area would be imminent. With the RSI showing values ​​below 50%, the momentum is bearish and there is considerable probability for this scenario.

Source: TradingView The BTC Paired Chart

The XRP/BTC chart paints a completely different picture. Ripple has been falling steadily against BTC for the past 6 months. The 800 SAT level recently held the price, preventing it from a further decline.

Meanwhile, after almost a month of consolidation around the level, the 800 SAT zone appears to be on the verge of breaking. This would be a catastrophic scenario as the price could experience a rapid drop.

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