Ripple’s price has been stuck in a consolidation phase for several months, lacking any bullish momentum. This stagnant situation is also seen when trading against Bitcoin. On the technical analysis front, Ripple’s price recently faced strong rejection at the $0.6 resistance zone. Currently, the cryptocurrency is finding support at the $0.49 level, which coincides with the 50-day moving average. If this support level is broken, the next targets for Ripple would be the $0.43 resistance and the 200-day moving average, both located around the same price. Rebounding from this area is a likely scenario. However, if these support levels fail to hold, Ripple’s price could potentially experience a sharp decline towards $0.3 and even lower in a short period of time.
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