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Calm Before the Storm for XRP After 6.5% Weekly Decline?
The post Calm Before the Storm for XRP After 6.5% Weekly Decline? appeared on BitcoinEthereumNews.com. Ripple has encountered intense selling pressure near the key resistance zone, defined by the 100 and 200-day moving averages around the $0.55 mark. This has led to a sharp rejection and subsequent decline. The asset now hovers near a crucial support region, which could trigger a period of sideways consolidation. XRP Analysis By Shayan The Daily Chart On the daily chart, XRP saw a spike in selling activity as it approached the $0.55 resistance level, where the 100-day and 200-day moving averages intersect. This zone represents a significant supply area, and the rejection from this level caused a 14% price drop. Ripple is now testing the $0.5 support, a level that has acted as a solid base since mid-July. This support region may attract enough buying interest to slow down the bearish momentum, leading to a consolidation phase before the next move. The 4-Hour Chart The 4-hour chart reveals a more detailed view of Ripple’s bearish price action, with a series of lower highs and lower lows forming a clear downtrend. The price recently broke below the lower boundary of the bearish flag pattern, confirming a continuation of the downtrend. Ripple has now entered a significant support zone between the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels. If the price manages to break below the 0.618 Fibonacci level, a further decline toward the $0.46 support is possible. However, if the asset finds support in this region, a period of consolidation could ensue in the short term. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Disclaimer: Information found…
The post Calm Before the Storm for XRP After 6.5% Weekly Decline? appeared on BitcoinEthereumNews.com.
Ripple has encountered intense selling pressure near the key resistance zone, defined by the 100 and 200-day moving averages around the $0.55 mark. This has led to a sharp rejection and subsequent decline. The asset now hovers near a crucial support region, which could trigger a period of sideways consolidation. XRP Analysis By Shayan The Daily Chart On the daily chart, XRP saw a spike in selling activity as it approached the $0.55 resistance level, where the 100-day and 200-day moving averages intersect. This zone represents a significant supply area, and the rejection from this level caused a 14% price drop. Ripple is now testing the $0.5 support, a level that has acted as a solid base since mid-July. This support region may attract enough buying interest to slow down the bearish momentum, leading to a consolidation phase before the next move. The 4-Hour Chart The 4-hour chart reveals a more detailed view of Ripple’s bearish price action, with a series of lower highs and lower lows forming a clear downtrend. The price recently broke below the lower boundary of the bearish flag pattern, confirming a continuation of the downtrend. Ripple has now entered a significant support zone between the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels. If the price manages to break below the 0.618 Fibonacci level, a further decline toward the $0.46 support is possible. However, if the asset finds support in this region, a period of consolidation could ensue in the short term. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Disclaimer: Information found…
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