According to CryptoPotato, Ripple has recently faced a bearish decline, leading to increased volatility and fluctuations. The price is expected to consolidate near the $0.42 region before making its next significant move. An in-depth analysis of the daily chart shows that Ripple has been in a downtrend, marked by a multi-month bearish price channel. Recently, XRP was rejected from the upper boundary of the channel at $0.48, resulting in a major long liquidation cascade and a sharp drop in its price.
Currently, the cryptocurrency has reached a critical support region, which includes the middle boundary of the channel and the crucial $0.42 support area. This region has seen increased activity and increased volatility. A period of consolidation within the range between $0.42 and the upper channel threshold of $0.47 is expected in the short term. If the price falls below the critical support region of $0.42, the downtrend will be more likely to continue.
On the 4-hour chart, after a sudden drop, the price reached the crucial $0.42 support region and found further buying activity. Ripple printed a bullish bounce, pulling back towards a significant resistance region, which includes the range between the 0.5 ($0.4353) and 0.618 ($0.4480) Fibonacci levels. This zone serves as the main target of the bullish corrective stage. If the price rejects near this critical threshold, the downtrend is more likely to continue, with the $0.38 support region being the main target for sellers. On the contrary, if the price successfully breaks through this resistance region, the bullish retracement towards the $0.47 resistance zone is likely to continue. Price action near these key Fibonacci levels is crucial in determining the next $XRP moves
