Ripple's XRP Price Faces Pressure: How Low Can It Go? 📉
Ripple's XRP is feeling the heat as its price continues to tumble amid the ongoing trial between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The market sentiment has taken a turn for the worse, and the charts suggest that the downtrend might not be over yet. Let's dive into the key levels to watch and what the technical analysis tells us about XRP's future price direction.
Daily Chart: Bears in Control 🐻
On the daily chart, XRP recently broke below its multi-month ascending trendline and quickly retraced, completing a pullback toward the breached level. This move has reinforced the bearish sentiment in the market, indicating that further downward pressure could be on the way.
Here's what to watch:
- Critical Support: XRP has dipped below $0.56 and now aims toward the crucial $0.45 support zone. This level has historically provided strong support, and a break below it could spell trouble.
- Key Resistance: The area between the 100 and 200-day moving averages at around $0.59 serves as resistance. For XRP to turn bullish, it must breach this zone and sustain above it.
The daily price action suggests that XRP might remain range-bound between the support at $0.45 and the resistance around $0.59. If the bears maintain control, the price could dip further, making it crucial to monitor these levels.
4-Hour Chart: Consolidation or Further Decline? 🔄
The 4-hour chart shows that XRP found some stability around the $0.49 level after a notable decline. However, the price retracement has faced strong resistance near the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci levels.
Conclusion 🔍
$XRP is at a crossroads, and the next moves in the Ripple v. SEC trial could play a major role in determining its price trajectory. Keep an eye on the key support and resistance levels mentioned, and remember that the market sentiment can change quickly.
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