Ripple’s price has been on the decline over the last couple of weeks, following a considerable surge back in October. This leaves market participants wondering whether the bullish phase is over or the market is just experiencing a pullback.
XRP/USDT: Daily Price Analysis
The XRP price has broken above the $0.60 level a few weeks ago but has failed to sustain its bullish momentum. The market is currently retesting the mentioned $0.6 level, as it now acts as a support area. The 200-day moving average is also trending near the $0.55 level and can be relied upon as a strong support element if the $0.6 level breaks down.
As long as the price is trading above these levels, there is no significant reason for investors to worry about a shift in the market trend.
The BTC Paired Chart
Looking at XRP’s price performance against BTC, the cryptocurrency has failed to hold above the 200-day moving average located around the 1900 SAT mark and has also dropped below the 1800 SAT level.
The 1600 SAT area is seemingly the short-term target for XRP, as it has been depreciating against Bitcoin over the recent weeks. Yet, the XRP price could still consolidate between the 1600 SAT and 1800 SAT levels in the coming weeks before a decisive move occurs to either side.
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Cryptocurrency charts by TradingView.