Ripple’s XRP has failed to replicate Bitcoin and Ethereum’s record-breaking rallies over the past few weeks, as the price is consolidating and pulling back against both USDT and BTC.
However, there is still a decent probability for more upside until certain key levels are not lost.
XRP Price Technical Analysis
By ShayanMarkets
The USDT Pair
The XRP/USDT pair’s daily timeframe shows indecisiveness and fear amongst XRP investors, as the price has failed to continue beyond the $3.40 resistance level, while other competitors have rallied and created new all-time highs. Yet, with the $2.80 support level still intact, and the 100-day and 200-day moving averages located just below this area, the bullish structure is still in play.
Meanwhile, the RSI has been dropping rapidly since showing overbought values in July, and has recently dropped below 50. This is a clear sign of a bearish momentum shift, which indicates a probable drop toward the $2.80 support zone.
In case this level is broken to the downside, XRP creates a lower low and is likely to also go through the mentioned moving averages and experience a much deeper pullback toward the $2.10 zone in the near future.
The BTC Pair
Moving on to the XRPBTC chart, things look a bit more optimistic for XRP. The asset has broken out of a multi-month descending channel following an almost vertical rally in July, also leaving both the 100-day and 200-day moving averages behind. These DMAs are now converging around the 2,400 SAT support level, creating a significant area that could potentially push the price higher once again and put an end to the recent decline.
Yet, it is noteworthy that, unlike the USDT pair, the 100-day and 200-day moving averages have not yet created a golden crossover, and with the RSI dropping below 50, the market structure is not yet fully in favor of the buyers.
So, holding the 2,400 SAT zone is more important than ever, as this level can either initiate the next rally, or its breakdown could cause a significant crash that could even pull XRP below 2,000 SAT in the short term.
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