According to CryptoPotato, Ripple (XRP) is currently trading with minimal volatility near the significant support region of the 200-day moving average at $0.54. This level is crucial as it is expected to hold and provide a foundation for XRP to potentially stage a recovery. The price action has shown signs of sideways movement and minimal market activity, indicating that this critical threshold could absorb selling pressure and attract demand, setting the stage for a potential bullish rebound.
On the daily chart, Ripple's price has been marked by retracements and sideways consolidation, which could be seen as a temporary pullback to this broken moving average. If XRP manages to maintain support at the $0.54 level, it is likely to experience increased buying pressure in the mid-term, pushing the cryptocurrency towards the crucial resistance zone at $0.64, with the goal of reclaiming this level.
On the 4-hour chart, XRP’s price continues to consolidate sideways with weak momentum. However, the decisive $0.54 support region remains intact, acting as a buffer against further declines. The ongoing battle between buyers and sellers at this critical juncture suggests that the market is poised for a shift. If buying pressure strengthens, Ripple could initiate a rally targeting the $0.64 resistance level. Conversely, if the $0.54 support is breached, the next downside target would likely be within the 0.5 to 0.618 Fibonacci retracement range. The price action in the coming days will be crucial in determining Ripple’s short-term trajectory.
