Ripple has extended its recent period of consolidation, with the price witnessing an 8% decline towards the critical support level of $0.6. However, Ripple’s price is expected to receive support, with a modest rebound towards the $0.7 threshold anticipated.
By Shayan
Upon a closer examination of the daily chart, it’s evident that Ripple has been in a phase of sideways consolidation characterized by minimal volatility. It oscillates between the crucial support zone of $0.6 and the significant resistance level of $0.67, which indicates a tug-of-war between buyers and sellers in the market.
However, the price recently underwent an 8% drop, finding itself at the critical support level of $0.6. This aligns with the dynamic support provided by the upper trendline of the multi-month triangle pattern. Consequently, given the potential for demand to emerge near this key level, a reversal is anticipated.
Nevertheless, Ripple’s price remains trapped within a critical range on a broader scale, bounded by the crucial resistance at $0.7 and the significant support at $0.6 until a breakout occurs.
A closer analysis of the 4-hour chart reveals Ripple’s uncertain price action within the pivotal range of $0.6 support and $0.67 resistance. Despite this, the recent decline toward the $0.6 support level and the dynamic support of the multi-month ascending trendline suggest a potential rebound.
Nonetheless, XRP seems more likely to continue fluctuating within the substantial support region of $0.6 and the notable resistance level of $0.67, hinting at the likelihood of prolonged consolidation until a breakout materializes.
A breach above the $0.67 threshold would likely set the stage for a surge towards the yearly high of $0.74, which is the next target for Ripple’s price trajectory.
