What to Know:
- XRP is currently exhibiting weakness against both USDT and BTC, struggling below key resistance levels.
- Technical analysis suggests potential short-term bounces, but the overall structure remains bearish without reclaiming crucial levels.
- Key support levels to watch include $1.75 and $1.50 for the USDT pair, and 2,000 SAT and 1,700 SAT for the BTC pair.
XRP is facing headwinds as it struggles to maintain its position amid broader market volatility. The digital asset has failed to sustain upward momentum against both USDT and Bitcoin, leading to concerns among investors. A technical overview suggests critical levels to monitor for potential shifts in market sentiment.
The XRP/USDT pair recently broke down from a descending channel, trading below the $2 mark, which now acts as a resistance zone. The Relative Strength Index (RSI) is nearing oversold territory, hinting at a possible short-term recovery, but reclaiming the $2 level is essential to reverse the bearish trend. Failure to do so could see the price decline toward the $1.75 and $1.50 support levels.
Against Bitcoin, XRP’s struggle is evident as it grapples to stay above the 2,200 SAT level. The convergence of the 100-day and 200-day moving averages is creating significant resistance around the 2,400 SAT zone. Overcoming this barrier is crucial for any potential upward movement.
If XRP breaks below the 2,000 SAT support, a further decline toward the 1,700 SAT and potentially the critical 1,500 SAT levels could occur. The RSI for the XRP/BTC pair is neutral, indicating a lack of clear momentum in either direction. Monitoring these key levels will be crucial for traders and investors navigating the current market conditions for XRP.
In conclusion, XRP’s current price action indicates a need for buyers to step in and reclaim key levels to reverse the bearish trend. Monitoring these levels will be crucial for traders and investors navigating the current market conditions for XRP, especially given the evolving regulatory landscape and the potential impact of Bitcoin ETFs on the broader crypto market.
Source: Original article
