Ripple’s support range has held strong since May 2023.
The MACD indicator signals a potential bullish rebound.
On the daily chart, Ripple (XRP) has been settling in a sideways triangular formation that indicates a balance between buying and selling pressures and raises doubts about the general trend direction. Sellers are finding it difficult to get below the $0.47 lower border of this pattern, which the price recently hit.
Strong holding of this support range since May 2023 indicates ongoing demand and strong buying pressure. As such, a mid-term bullish reversal appears plausible, which could result in little bullish moves toward the top edge of the triangle.
A quick fall below this crucial support, however, would lead to a large long-term liquidation and a steep short-term loss.
Short-Term Bearish Continuation Flag Pattern
The XRP price forms a bearish continuation flag pattern on the 4-hour chart, with a brief phase of lateral movement and erratic price activity near the critical $0.47 support zone. The price fell recently to the important $0.47 support zone and the bottom trendline of the pattern.
Source: TradingView
Should sellers be able to cross this threshold, a big and quick decline is expected. But the MACD indicator, which has recently turned green, suggests a potential bullish rebound.
This indication and the current demand around this important support point to more buying pressure and the possibility of a mid-term bullish turnaround.
Source: TradingView
Current XRP Market Data
CoinMarketCap data show that the price of XRP is about $0.4722 at the moment of writing, down 0.57% over the last 24 hours. Earlier, CNF featured Ambassador Bitrue, King Karan, who made a strong case for XRP and stressed that it would be the biggest mistake to ignore this cryptocurrency.
On the other hand, according to GSR research, XRP and Cardano face hurdles when it comes to ETF adaptation. GSR approaches decentralization critically, highlighting aspects like permissionless participation.
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