CandleFocus Ripple Price Analysis: Is a Major XRP Rally Above $0.6 Possible?
2024-10-15
Author: Content Editor
Ripple experienced a significant drop to the $0.5 support level after facing selling pressure at $0.66. The price is now consolidating in a low-volatility phase and may potentially pull back to the 100-day and 200-day moving averages. The recent decline slowed down at the $0.5 threshold, indicating weakened selling pressure temporarily. The price action reflects minimal volatility and low market activity, suggesting a possible pullback to the previously broken moving averages. If Ripple faces rejection at these levels, it may continue its downtrend towards the $0.43 support. However, a breakout above the moving averages could trigger a short squeeze and drive the price higher. The price is currently trading within a tight range between the $0.52 support and the $0.55 resistance, and a breakout from this range will determine Ripple's next short-term move.
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