After a strong rally since mid-June, Ripple (XRP) has entered a phase of testing its key support levels. With downward pressure increasing on both USDT and BTC pairs, investors are focusing on the potential for further price decline and the role of support levels.
In the XRP/USDT pair, Ripple continued its upward trend from early July, reaching around $3.40, but experienced a sharp decline after crossing the liquidity point. Currently, the price has adjusted to around $2.50 near the 100-day and 200-day moving averages, which are forming a golden cross. However, since the symbolic $3.00 support level has already been broken, these moving averages are expected to become the next key support levels if the price fails to recover this level in the short term. If these levels also collapse, a further decline to around $1.60 cannot be ruled out.
The XRP/BTC pair is showing similar adjustment patterns. After a clear pullback from the 3,200 SAT resistance level, the price is testing around the 200-day moving average at 2,500 SAT. Particularly, it is retesting the top of a downward-trending channel, suggesting a pause in buying pressure. Additionally, the RSI indicator has fallen below 50 from the overbought zone, indicating a decline in upward momentum. If the 2,500 SAT support level breaks, the price could retreat to around 2,000 SAT, potentially signaling a return to a long-term correction phase.
Overall, the market's expectations for Ripple seem to have been priced in during the recent price increase, but now short-term uncertainty has grown as a reaction. The defense of key support levels and the recovery of relative strength against BTC are likely to be crucial factors in Ripple's medium-term trend. Future price movements will largely depend on whether these support levels trigger a rebound and the restoration of buying pressure.
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