News Flash: Ripple (XRP) experiences sharp decline and high volatility. However, it seems that the price will consolidate around $0.42 before the next big move. 📉

In-depth analysis shows that XRP has been in a downtrend, characterized by a bearish price channel for several months. Recently, XRP was rejected from the upper boundary of the channel at $0.48, resulting in a steep price drop. Currently, the crypto has reached a critical support area, namely $0.42.

A period of consolidation is expected in the short term between $0.42 and the upper limit of the channel at $0.47. If the price falls below $0.42, the bearish trend is likely to continue.

However, if the price manages to clear this resistance area, a bullish retracement towards the $0.47 resistance zone becomes possible. So, price action around these Fibonacci levels is very important to determine Ripple's next move.

What do you think about this development? Share in the comments column! 💬