Calm before the storm for XRP after a long consolidation?

Ripple’s price has been consolidating in a very tight range in recent days and has yet to give any indication of its future direction.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the USDT wall chart, the price has recently seen a massive drop from the $0.65 level, breaking below the 200-day moving average, which is near the $0.55 mark.

Over the past week, the market has been moving sideways below the 200-day moving average and has been unable to break above it again.

As the structure suggests, a further decline towards the key support level of $0.5 is likely in the near term. However, a rebound from this area could still be expected.

Source: TradingView The BTC Paired Chart

The BTC paired chart is in similar conditions.

The market has failed to break the 1000 SAT mark and is currently testing the 800 SAT support level and the 200-day moving average, located around the same price.

If these levels are broken to the downside, a drop towards 650 SAT could be expected in the coming weeks.

On the other hand, a bounce out of the 800 SAT zone could lead to a rally towards 1,200 SAT, but this scenario is much less likely than the bearish one.

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