Viewpoint: Ripple's price may further decline in the short term

Ripple's price is consolidating against USDT, while it continues to decline against BTC. From a technical analysis perspective, the situation may worsen in the short term if there are no changes. Technical analysis by TradingRage indicates that the daily chart against USDT shows the price testing the upper boundary of a large downward channel and the $0.55 price level near the 200-day moving average. However, the 200-day moving average is keeping the price at bay, and the market may retreat to the $0.50 level in the short term. Another signal for this potential pullback is the RSI crossing below the 50% level. On the daily timeframe against BTC, Ripple's situation appears to be much worse. Since the price fell below the 1300 SAT level, it has been in a continuous downward trend. The RSI has also been consistently below the 50% level, indicating that this cryptocurrency may further decline in the coming months. In this scenario, the 800 SAT support level could be a viable target where the market finds a bottom.