Ripple is under pressure alongside the broader crypto market due to the ongoing decline in Bitcoin's price. Detailed analysis follows.
XRP/USDT Pair Analysis
On the daily chart of the XRP/USDT pair, the price is trending lower after being rejected from the $3 resistance zone in January. Currently, the market is testing the $2 support level, and a breakdown could lead to further decline towards the 200-day moving average, around $1.6. Yet, as the RSI enters the oversold region, a consolidation or at least a short-term bounce can be expected in the coming weeks.
XRP/BTC Pair Analysis
Looking at the XRP/BTC pair, it is evident that Ripple is holding better against Bitcoin, as it has not experienced a significant drop. However, this is mainly because BTC itself is declining sharply. The 2000 SAT support level is likely to be the upcoming target for XRP, as the RSI displays clear bearish momentum. The long-term outlook for XRP will mostly depend on its ability to stay above the 200-day moving average, currently near the 1700 SAT level.
Conclusion and Outlook
The current decline in the crypto market is significantly impacting Ripple. If the $2 support fails, the price could drop to $1.6, while long-term prospects will depend on Bitcoin's movement and key support levels.
The cryptocurrency market's current situation remains challenging, and Ripple's performance clearly reflects this. Investors should closely monitor the $2 support and movements of major indices.
