Ripple’s support range has proven resilient since May 2023. The MACD indicator suggests a potential bullish rebound.
On the daily chart, Ripple (XRP) has formed a sideways triangular pattern, indicating a balance between buying and selling pressures that clouds the overall trend direction. Sellers have struggled to breach the $0.47 lower boundary of this pattern, recently tested by the price.
The steadfast support observed since May 2023 signals sustained demand and strong buying interest. Consequently, a medium-term bullish reversal seems plausible, potentially driving modest upward movements toward the triangle’s upper boundary.
However, a swift drop below this critical support level could trigger significant long-term liquidation and steep short-term losses.
Short-Term Bearish Continuation Flag Pattern
XRP’s price has formed a bearish continuation flag pattern on the 4-hour chart, characterized by a brief consolidation phase and volatile price action near the crucial $0.47 support area. The price recently dipped to this key level and the pattern’s lower trendline.
Source: TradingView
Breaking below this threshold could precipitate a rapid and substantial decline. Yet, the recent green turn of the MACD indicator suggests the potential for a bullish rebound.
This signal, coupled with current demand near the crucial support, hints at mounting buying pressure and the prospect of a medium-term bullish turnaround.
Source: TradingView
Current XRP Market Data
According to CoinMarketCap, XRP is presently trading around $0.4722, marking a 0.57% decline over the past 24 hours. Earlier, CNF featured Ambassador Bitrue, King Karan, advocating strongly for XRP, emphasizing that ignoring this cryptocurrency would be a significant mistake.
Conversely, GSR Research highlights obstacles faced by XRP and Cardano in terms of ETF adoption. GSR critically examines decentralization, focusing on aspects such as permissionless participation.
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