Ripple ($XRP) is facing increased selling pressure after struggling near the $0.65 resistance level. With the price breaking below the ascending wedge pattern, the market is signaling a potential bearish shift that might push XRP towards the critical $0.50 mark.
đ Daily Chart Overview
On the daily chart, XRP attempted to break through the tough resistance zone at $0.65 but was met with strong rejection. This area has proven to be a formidable barrier for Ripple in recent months, preventing further gains. Now, XRP is hovering in the $0.50-$0.55 range, where short-term consolidation may occur. However, the break below the wedgeâs lower trendline suggests more downside could be on the horizon, with $0.50 acting as the next crucial support.
âł 4-Hour Chart Insights
Looking closer, the 4-hour chart shows a false breakout after briefly surpassing $0.65. Despite the surge in demand, intense selling pressure caused a sharp reversal, bringing XRP back inside the flag pattern. The price is currently testing key support near the Fibonacci retracement levels of 0.52 and 0.48. This range might hold for now, potentially leading to a brief bullish correction before the market determines its next major move.
đ Key Levels to Watch
âą Resistance: $0.65
âą Support: $0.50 (major support), $0.52 (Fibonacci level), and $0.48 (deeper support)
As XRP continues to test these levels, traders should be cautious, especially if selling pressure intensifies, potentially pushing the price lower. Keep a close eye on market trends for further developments!
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