Outside Source
Ripple’s recent price action reflects a cautious market, with a temporary rebound from the critical $0.5 support zone toward the 200-day moving average.
However, a rejection at this level could solidify the ongoing bearish trend.
XRP Analysis
By Shayan
The Daily Chart
On the daily chart, XRP faced renewed selling pressure after failing to sustain gains near the 200-day moving average at $0.57. This level has acted as a strong resistance, and a breakdown below the 200-day MA suggests that sellers are attempting to push the price lower. Following the decline, Ripple found support at the significant $0.5 level, a historically critical area that has consistently served as a defensive zone for buyers over the past year.
Currently, the asset is retracing toward the 200-day MA, but another rejection at this level would likely complete the pullback and lead to further declines, potentially targeting the $0.46 mark.
The 4-Hour Chart
The 4-hour chart shows a descending consolidation pattern, with Ripple trading within a crucial support zone defined by the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci levels. This area has provided solid support over multiple months. Ripple has also formed a descending wedge pattern near the $0.49-$0.52 range, with recent buying activity pushing the price toward the wedge’s upper boundary at $0.53.
A breakout above this threshold could indicate a bullish rebound, potentially reaching the $0.55 resistance. However, given the overall market sentiment and recent downward trends, a rejection at this level followed by a decline toward the $0.5 support is the more likely mid-term scenario.
This article first appeared at CryptoPotato
