Ripple's decline has paused temporarily at the 200-day moving average, currently resting around $1.8. This significant level aligns with the 0.5-0.618 Fibonacci retracement zone and the lower boundary of a descending wedge pattern, forming a key demand area that has halted the downtrend for now. The appearance of a bullish divergence between the RSI and price action adds some hope for a short-term rebound that could see XRP targeting the wedge’s upper boundary near the 100-day moving average at $2.5. However, it’s crucial to note that the broader market is experiencing low activity and weak momentum. This suggests that XRP may continue to oscillate within the wedge until a decisive breakout occurs.On the 4-hour chart, XRP had initially breached both descending and expanding wedge patterns, indicating a bearish continuation. Nevertheless, this quick downturn formed a bear trap as the price rebounded above the previously broken support levels. XRP is now aiming to retrace toward its prior swing high of $2.2. A successful breach and close above this resistance could mark a bullish shift, potentially paving the way toward the $2.5 zone. Conversely, failing to break above $2.2 may reaffirm the bearish structure, increasing the likelihood of further downside in the medium term.Stay vigilant, crypto enthusiasts, as significant volatility could arise from a valid breakout in either direction. #memecoin #crypto #solana #Ethereum #ai #bitcoin #cryptocurrency ⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice. via /r/Blockmandev https://ift.tt/8iPpLuB
Social Media Icons