XRP Tumbles 8% Weekly but is a Crash Below $0.4 Imminent? (Ripple Price Analysis)
Ripple’s price is currently hovering near a crucial support region which consists of both the 200-day moving average and the $0.41 price zone. A breach below this critical level could potentially trigger a significant downturn toward the descending trendline.
The Daily Chart
On the daily chart, it’s apparent that after the recent weeks of rejection, the price has arrived at a strong support area at the 200-day moving average of $0.41. Considering the power of this moving average, XRP may enter a consolidation phase.
However, if the price fails to hold above this crucial support zone, it could trigger a cascade leading to bearish sentiment over the market. Conversely, if the cryptocurrency finds support at the 200-day moving average, buyers can hope for a mid-term uptrend toward the $0.56 resistance level.
The 4-Hour Chart
On the 4-Hour Chart, Ripple’s price has formed an ascending channel. The recent rejection has caused it to drop below the minor support level of $0.48 and the channel’s mid-trend line. Currently, the price faces a crucial support level at $0.41.
In summary, this PA is supportive of a potential consolidation stage around the mentioned support area until a breakout occurs. However, it’s important to see how the price will actually react, as this would probably give us a clue about the short-term trend.
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Cryptocurrency charts by TradingView.