Ripple’s price is experiencing a pullback after an impulsive rally that began in June. As both the USDT and BTC pairs are now showing signs of bearish momentum, investors are cautiously looking to see if the available support levels can hold and prevent a full-on reversal.
Technical Analysis
By ShayanMarkets
The USDT Pair
On the XRP/USDT pair, Ripple’s token has been rising since early July, before sweeping the liquidity above the $3.40 high and reversing to the downside. The market is currently pulling back toward both the 100-day and 200-day moving averages, which are located near the $2.50 mark, and have just created a bullish crossover.
As things stand, the $3.00 level is lost, and if a quick recovery back above this level does not occur, the mentioned moving averages will be the next targets. While the convergence of these moving averages creates a potentially strong support, if it gets broken to the downside, a much deeper drop toward the $1.60 area would be probable.
The BTC Pair
The XRP/BTC pair is going through a similar pullback, following a swift rejection from the 3,200 SAT resistance zone. The price is currently testing the 200-day moving average and the higher boundary of the broken descending channel around the 2,500 SAT mark.
The RSI has also dropped from deeply overbought levels to just below 50, showing a clear shift in momentum. If the 2,500 SAT support zone gets broken to the downside, the price will drop back into the channel, and would likely pull toward the 2,000 SAT area. This scenario would potentially result in a lengthy consolidation and reset the current bullish trend.
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