Ripple’s recent activity has highlighted a bearish trend, with a rejection at the 200-day moving average of $0.53. This resistance has halted the cryptocurrency’s previous upward momentum, driving the price back toward the $0.5 support level. Therefore, this raises concerns about its prospects. On the daily chart, XRP recently encountered selling pressure after a minor retracement toward the 200-day moving average, leading to a sharp rejection.
This resistance has halted the sustained bullish momentum, causing Ripple to revisit the $0.5 support region. On the 4-hour chart, Ripple’s consolidation within a crucial support zone between the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels is evident. XRP has recently encountered resistance around the 0.618 level and the upper boundary of its wedge formation, suggesting seller activity at this juncture.
Given the broader bearish sentiment, a continuation of the consolidation or a bearish breakdown below the $0.5 level appears more likely in the short term. A decisive break below $0.5 would signal a potential sustained downward trend.
