After failing to breach the $0.74 mark, Ripple initiated a corrective leg, retracing toward the 100-day and 200-day moving averages at approximately $0.55.
However, a crucial support region stands in the way, potentially putting a halt to Ripple’s short-term downward trajectory.
The Daily Chart
The daily chart illustrates that Ripple encountered seller dominance when attempting to surpass the $0.74 mark, impeding further upward momentum. Subsequently, the price entered a correction stage, retracing toward a pivotal support region on the daily chart.
This critical support range encompasses the 100 and 200-day moving averages, along with the static support level of $0.54, providing substantial psychological support for Ripple.
Given recent price action and the significance of the $0.54 support range, there is a high likelihood of an extension of the consolidation stage, with the price experiencing volatility around this crucial mark. If Ripple buyers re-enter the market, a fresh uptrend could potentially be initiated with the aim of reclaiming the $0.74 resistance threshold.
The 4-Hour Chart
Turning attention to the 4-hour chart, Ripple’s upward movement encountered a formidable barrier within a critical resistance region defined by the price range between the 0.5 and 0.618 levels of the Fibonacci retracement ($0.6799-$0.7408). Intensified selling pressure in this crucial region led to a notable decline, marked by an extended retracement.
In the event that this retracement continues, Ripple’s multi-month ascending trendline, denoted by orange lines, and the static support region of $0.48 are poised to serve as the price’s main support. However, a successful breach of the 0.618 level of the Fibonacci retracement would invalidate this scenario, potentially triggering a substantial upward movement for Ripple’s price.
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