• Ripple (XRP) price is struggling to break the significant descending trendline at $0.42 and faces a critical support level of the 200-day moving average.
• Technical analysis shows that XRP is stuck in a tight range between $0.42 and $0.395, which may lead to an impulsive move if either level is broken out of.
• If XRP finds support at the mid-range level of $0.386, it might initiate a rally, whereas a drop below its prior low could lead to a reversal towards the $0.33 region.
Ripple Price Analysis
Ripple’s price has been unable to break through the significant descending trendline at $0.42, resulting in choppy price action as it consolidates around its current levels. The cryptocurrency now faces a critical support level of the 200-day moving average at $0.395 which will be key for any further direction in price movements for XRP/USD pair going forward.
Daily Chart
On the daily chart, it is evident that after failing to surpass the resistance at $0.42 and being rejected from the trendline multiple times, Ripple’s price has dropped slightly and currently sits just above its 200-day moving average at $0.395 forming a very tight range between these two levels with an enormous amount of liquidity on both sides of this range waiting for a breakout from either direction so as to initiate an impulsive move by either buyers or sellers depending upon whether there is bullish or bearish momentum driving prices higher or lower respectively .
4 Hour Chart
In terms of technical analysis on 4 hour time frames, it can be seen that after touching highs near $0.42 region previously, XRP/USD pair has failed to generate another higher high due to weakening bullish momentum and was rejected from breaking out from the descending trendline yet again which puts us back into consolidation mode with mid-range support being provided by prior central pivot point located at around 0$386 mark where we would expect buyers coming in if prices dip down below this area while on other hand if they manage to break upwards above 0$42 then we could expect some heavy buying pressure pushing prices significantly higher than their current levels right now .
Conclusion
Ripple (XRP) appears poised for further directional movements depending upon whether bulls are able push past resistance levels or bears take control by taking out key support areas such as 200 day moving average or even pushing down below our mid-range support located at 0$386 mark where if this happens then next major area for potential downside targets would be 0$33 region .
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