After breaking below the important dynamic support of the 200-day moving average, Ripple’s price entered a consolidation phase, retracing to test the MA and complete a pullback.
Analyzing the daily chart, we can see a strong downtrend followed by an extended period of consolidation, causing the price to fall below the critical 200-day MA. During this phase, uncertainty and fear gripped the market, resulting in increased selling pressure and ultimately breaking the mentioned moving average.
With a small upward retracement currently occurring, potentially completing a pullback towards the breached MA, the overall outlook for Ripple appears strongly bearish. The next likely target is the critical support zone at $0.42. However, this scenario remains valid only if the pullback unfolds successfully and the price fails to reclaim the 200-day MA.Turning our attention to the 4-hour chart, we can observe a well-defined multi-month downtrend in Ripple’s price.
This price action has temporarily shifted the market trend and brought XRP closer to the static resistance region of $0.55. This sets the stage for a potential retest of this crucial barrier. If the price is rejected around this important range and starts to decline, the pullback would be considered complete, possibly indicating another bearish movement.
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.
Source: RealGM - 🏆 580. / 51 Read more »
Source: wfaa - 🏆 543. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »