Ripple’s XRP is currently facing significant challenges as it continues to exhibit weakness in the midst of broader market sell-offs. Recent trading activity indicates that both the USDT and BTC pairs are struggling to maintain momentum, remaining entrenched below crucial resistance levels while buyers have not managed to reclaim any significant upward momentum.
In recent technical analysis, it has been highlighted that the XRP to USDT pair has broken down from a descending channel structure, now trading precariously below the $2 support level. This level has shifted from a support zone to a resistance one, complicating recovery efforts. The recent price movement has been sharp, dropping towards the next major demand area around $1.75. While the Relative Strength Index (RSI) for this pair is nearing oversold conditions at approximately 30, suggesting the potential for a short-term bounce, the overall outlook remains bearish unless XRP can reclaim the crucial $2 mark. Should selling pressure persist, analysts suggest the next downside target could be around the $1.50 region.
In comparison, XRP’s performance against Bitcoin (BTC) also illustrates relative weakness. The price is struggling to maintain a position above the 2,200 SAT level. Efforts to break through key resistance formed by the confluence of the 100-day and 200-day moving averages at around the 2,400 SAT area have remained futile. The RSI for this trading pair is currently neutral at approximately 46, indicating a lack of significant momentum in either direction. A breakdown below the critical 2,000 SAT support level could pave the way for a further decline, with potential targets extending down to the 1,700 SAT zone and possibly even the significant 1,500 SAT area.
In summary, both trading pairs of XRP are currently under pressure, with technical indicators pointing towards potential further declines unless the cryptocurrency can regain some strength and break through key resistance levels. The ongoing market volatility continues to pose challenges for Ripple’s XRP as it navigates through this bearish environment.
