XRP is in a critical market phase, facing increasing bearish pressure against both USD and Bitcoin. After weeks of consolidation, the asset has declined, causing concern among traders and investors.
USDT Pair Analysis
On the daily chart, XRPUSDT is compressed within a long-term descending channel pattern, bounded by a descending trendline from the yearly highs and a horizontal support near $1.60.
Tons of sell-side liquidity below the $2 level have been swept today as the pair is currently trading below both the 100 and 200 moving averages located in the $2.20-$2.40 range. The RSI is hovering near 34, indicating a lack of momentum. If sellers manage to breach $1.95, the next logical demand zone lies around $1.60. Meanwhile, upside resistance remains at the upper bound of the channel near $2.40 and the previously mentioned moving averages. A clean break and daily close above these resistance elements could potentially confirm a bullish rally targeting around $3.
BTC Pair Analysis
Against Bitcoin, XRP has shown persistent weakness since March, consistently printing lower highs and lower lows. The chart highlights a clear bearish market structure.
Both the 100 and 200 moving averages, located near the 2,400 SAT mark, are angled downward after a bearish crossover. The RSI remains depressed near 32, reflecting ongoing relative underperformance. The pair is nearing an imbalance zone which could act as support for a potential relief bounce. If buyers step in, the first challenge lies near the 2200 SAT resistance level. However, unless that happens, the pair remains locked in a clear bearish structure.
Conclusion
Overall, the current situation in the XRP market indicates that the asset is facing significant challenges against both the dollar and Bitcoin. Traders should closely monitor key support levels and potential reversal signals.
In summary, XRP continues to face bearish pressures and requires substantial changes to restore investor sentiment.
