Ripple’s price has experienced a temporary rebound from the critical $0.5 support zone, moving towards the 200-day moving average. However, a rejection at this level could solidify the ongoing bearish trend.
On the daily chart, XRP faced renewed selling pressure after failing to sustain gains near the 200-day moving average at $0.57. This level has acted as strong resistance, and a breakdown below the 200-day MA suggests that sellers are attempting to push the price lower. Following the decline, Ripple found support at the significant $0.5 level, a historically critical area that has consistently served as a defensive zone for buyers over the past year. Currently, the asset is retracing toward the 200-day MA, but another rejection at this level would likely complete the pullback and lead to further declines, potentially targeting the $0.46 mark.
The 4-hour chart shows a descending consolidation pattern, with Ripple trading within a crucial support zone defined by the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci levels. This area has provided solid support over multiple months. Ripple has also formed a descending wedge pattern near the $0.49-$0.52 range, with recent buying activity pushing the price toward the wedge’s upper boundary at $0.53. A breakout above this threshold could indicate a bullish rebound, potentially reaching the $0.55 resistance. However, given the overall market sentiment and recent downward trends, a rejection at this level followed by a decline toward the $0.5 support is the more likely mid-term scenario.
Ripple’s price action reflects a cautious market sentiment, with the $0.5 support level being a critical factor in determining the asset’s future trajectory.