Ripple Price Outlook: Bears Gain the Upper Hand as $2 Becomes a Target

After several weeks of decline post-summer rally, XRP is attempting to bounce back from major technical setbacks against USDT and BTC pairs. While the overarching market sentiment shows some positivity, recent downturns signal rising uncertainty, necessitating buyers to reclaim critical price levels to establish dominance.

Technical Analysis

By Shayan

The USDT Pair

XRP is on the brink of breaching the upward channel that it has respected throughout the year. The price has sharply dropped to the $2.00 region, currently trading around $2.46. Key moving averages (the 100-day and 200-day) are now acting as resistance above the price at approximately $2.90 and $2.60.

If the altcoin fails to reclaim these moving averages swiftly, further bearish movement becomes plausible. A continued decline could revisit the $2.00 mark, with a deeper plunge into the $1.00 – $1.30 demand zone a likely scenario.

XRP USDT Chart Source: TradingView

The BTC Pair

In the case of the XRPBTC pair, significant deterioration is also noted. The price has dipped below 2,400 SAT and is currently testing the lower support range around 2,000 SAT. The RSI is hovering around 40, indicating bearish dynamics.

This lapse signifies a change in momentum, as XRP has now fallen below the 100-day and 200-day moving averages. Should the 2,000 SAT support falter, the following support lies near the 1,500 SAT orderblock, succeeded by the 1,150 demand level. Conversely, any recovery must first surpass the 2,400 SAT threshold and secure closure above the moving averages to indicate strength.

Overall, XRP stands at a crucial point on both fronts. The upcoming days will reveal whether this is merely a short-term fluctuation or the initiation of a more extensive corrective trend.

XRP BTC Chart Source: TradingView