Technical Analysis
After a period of steady price movements, Ripple has finally moved towards a bearish trajectory. The decline has led to a breakdown below the critical support zone defined by the 200-day moving average.
The Daily Chart
- XRP price has experienced a notable drop due to selling pressure and increasing bearish sentiment.
- The price slipped below the crucial 100-day MA at $0.55 and reached the 200-day moving average at $0.5, disrupting the bullish trend.
- A rebound pushed the price back above the 200-day moving average, but it was met with rejection and another dip below the significant MA.
- If the support holds, it has the potential to halt further declines. However, a breakdown followed by a pullback could indicate a bearish trend.
The 4-Hour Chart
- Initially, the price found support at a pivotal trendline and had a modest recovery, but it ultimately faced rejection and broke beneath the trendline.
- A confirmed breakout will occur once the price retraces to retest the broken trendline and forms a pullback.
- If the price continues to drop, it may reach the static support at $0.42.
- If buyers can maintain the price near the trendline, the breakout may be a false alarm, potentially triggering a rally towards the $0.85 mark.
Hot Take
With Ripple’s recent decline and potential bearish trend, it is important to carefully monitor price fluctuations. The interplay between support and resistance levels will significantly impact Ripple’s immediate price trajectory.
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