Ripple recently encountered significant selling pressure near the $0.65 resistance zone, causing a sharp decline.
This move signals a possible transition to bearish dominance as price falls below the lower bound of an ascending wedge pattern. XRP may continue to fall towards the $0.5 threshold in the coming sessions.
Written by Shayan
daily chart
On the daily chart, XRP surged towards the top of the ascending wedge and the main resistance zone at $0.65, only to face a significant rebound.
This area is consistent with previous swing highs and is a formidable resistance level that has halted further price increases in recent months. Following the rejection, Ripple has entered the key price range of $0.5 to $0.55, where short-term consolidation is likely.
Given the break below the lower trendline of the ascending wedge, we expect bearish continuation. If XRP attempts a pullback to retest the broken wedge, the price could face further selling pressure, potentially pushing the price higher towards lower thresholds, especially the $0.5 support level. There is.
Source: TradingView
4 hour chart
The 4-hour chart reveals a false breakout after Ripple briefly crossed the $0.65 level. Although this move created significant demand, this surge was met with intense selling pressure, leading to a sharp reversal.
XRP price quickly returned inside the breakout flag pattern.
Currently, the cryptocurrency is testing an important support area marked by the flag lower trendline and the Fibonacci retracement levels of 0.5 ($0.52) and 0.618 ($0.48). This range is expected to hold prices temporarily, offering the potential for a short-term bullish correction move and sideways consolidation before the next major trend direction is established.
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Cryptocurrency charts by TradingView.