Crypto Blog
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.
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 shows a descending consolidation pattern, with Ripple trading within a crucial support zone defined by the 0.5 and 0.618 Fibonacci levels. This area has provided solid support over multiple months. Ripple has also formed a descending wedge pattern near the $0.49-$0.
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.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ripple Price Analysis: XRP Skyrockets 10% in 2 Days but is the Rally Over?Crypto Blog
Read more »
Ripple Price Analysis: Is XRP Headed for a Drop to $0.5?Crypto Blog
Read more »
Ripple Price Analysis: Calm Before the Storm for XRP Following Long Consolidation?Crypto Blog
Read more »
Ripple Price Analysis: Is a Major XRP Rally Above $0.6 Possible?Crypto Blog
Read more »
Ripple Price Analysis: XRP Unable to Overcome $0.55, is a Crash Imminent?Crypto Blog
Read more »
Ripple Price Analysis: This Is How XRP Can Avoid a Drop to $0.5Crypto Blog
Read more »