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.
By Shayan
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 ($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.
The post Ripple Price Analysis: How Low Can XRP Go if it Loses the $0.5 Support? appeared first on CryptoPotato.
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