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Ripple Price Continues Downward Momentum, Awaits Potential Turning Point

25/01 23:57

BTC

1.41%

According to CryptoPotato, Ripple's price is experiencing a downward trend on both the USDT and BTC pairs, with technical analysis indicating that it has not yet reached a potential turning point on either chart. On the USDT paired chart, the price has been confined within a descending channel for the past few months. Following the breakdown of the 200-day moving average, currently around the $0.60 mark, the market has consistently dropped, but XRP has not yet reached significant support. Although the Relative Strength Index (RSI) is entering the oversold region, a market rebound is unlikely before retesting the channel's lower boundary. The situation is similar against BTC, with the price gradually declining inside a large falling wedge pattern since peaking in July. The market is currently retesting the 1300 SAT support level, but has not shown any inclination to rebound higher. If a breakdown occurs, the lower boundary of the falling wedge pattern would be the next short-term target. The bearish continuation scenario appears probable, with the RSI displaying values below 50%.

Bullish

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