Ripple has been operating sideways against USDT and BTC after his strong rally in July. With Bitcoin’s recent setback, concerns are growing among investors that the upward market in general could be fading, which in turn increases the risk that XRP also goes.
Technical analysis
By Shayan
The USDT pair
Within the USDT pair, the market has established itself in a relatively narrow range, forming a symmetrical triangle pattern. This type of structure generally points out that a decisive movement is on the horizon, since the price accumulates before expanding again.
Currently, bias leans slightly towards disadvantage, since the triangle seems weaker with each support of support. If sellers earn impulse, the next main level to see will be the support zone of $ 2.70. This level has already acted as an important pivot in the past, so another breakdown could prepare the stage for a smaller sale.
In addition to the bearish case, the RSI is currently maintained below the midpoint of 50, which is a clear indication that the impulse is favoring sellers. While the RSI remains moderate, the probability of a breakdown below $ 2.70 is higher than an upward bounce.
If that breakdown occurs, the market could continue to slide until the lower limit of the broader ascending channel reaches. Of course, this perspective would only change if the market dynamics suddenly change in favor of bulls, with a stronger purchase activity intervening to get the price of the rising triangle.
The BTC par
In the XRP/BTC graph, the price has also been consolidated, maintaining above an important support area. The increase in July, however, managed to expel the market of a long -term descending channel, which has inclined the widest structure to the upward side.
The RSI sitting near the neutral level of 50 reflects uncertainty, since merchants seem to be waiting for a decisive movement. If the 2,500 SAT support is maintained, the market could try another rally aimed at the 3,000 SAT area. But if 2,500 SAT fails, the price would probably return to the old channel, opening the door for a fall to 2,000 SAT. Such movement would confirm a bearish investment and add more pressure on XRP holders.
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