XRP could drop to $1.4 if this support level does not hold

Ripple’s price consolidated over the past few weeks, failing to reach a new all-time high. This week, however, was particularly intense, as the asset jumped above $2.7 before a market-wide decline took it south to just under $2.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the USDT pair, XRP has recovered almost vertically for a few weeks. However, with the RSI showing a clear overbought signal in early November, the market has been unable to continue its upward trajectory, and is now consolidating as it cools.

However, the $2 support level remains intact despite being tested earlier today and could push the price back towards the $3 level. On the other hand, if the $2 level breaks decisively, a deeper correction towards the $1.4 level would be expected.

The paired chart of BTC

The paired chart with Bitcoin demonstrates similar price action as the market has been breaking through various resistance levels in a significant run higher. However, the 2,800 SAT resistance zone has rejected the lower price as the 2,200 SAT support area is now being tested.

Meanwhile, the RSI is showing values ​​above 50%, indicating that the momentum is still bullish, and a bullish continuation is more likely than a reversal at the moment. This scenario would fail if the 2,200 sat support level is broken to the downside, which would pave the way for the market to fall much lower towards the 1,600 SAT area.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit: Use this link to register and open a FREE $500 position with any currency!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. We recommend that you do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.