Opinion: XRP faces downward pressure, breaking key support level

According to CryptoPotato, Ripple ( XRP) is not performing well. XRP's trend against USDT is declining, and it has broken through a key support level in the BTC pair. Technical analysis from TradingRage shows that compa red to USDT, XRP is showing lower highs and lows within a large downward channel. Since breaking below the 200-day moving average (currently around $0.6), there are no signs of market recovery.

 

In the coming weeks, it's more likely for the market to fall to the lower boundary of this channel before any bullish reversal could occur. The situation looks even more worrying on the weekly chart of XRBPBTC pair. Last week, this cryptocurrency broke through a crucial 1200 SAT level. If the market cannot rebound quickly back to this level, then next potential target for its downtrend would be at an 800 SAT support level. With Relative Strength Index showing values less than 50%, chances are quite high for further decline currently.