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Ripple has encountered significant selling pressure near the $0.64 resistance level, leading to a sharp decline toward a critical support area around the 200-day moving average at $0.54.
An in-depth examination of Ripple’s daily chart reveals that the recent bullish surge encountered significant resistance at the crucial $0.64 threshold, which led to a period of sideways consolidation. During this phase, a notable bearish divergence appeared between the price and the RSI indicator. It was followed by a substantial 17% decline, bringing the price down to a critical support zone.
On the other hand, if the price breaks below the 200-day MA with strong selling momentum, it would signal a potential shift toward a bearish trend. This could put Ripple at risk of further declines, with the next major support likely around the 100-day MA at $0.51 or even lower. At the time of this writing, the price is attempting to trend lower.On the 4-hour chart, after facing increased selling pressure near the critical $0.
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