CandleFocus

Ripple Price Analysis: Is XRP Headed to $0.5 or $0.6 Next?

Author: Content Editor
Ripple has experienced a significant drop in price after being rejected at the $0.65 resistance level. The rejection caused a 23% decline and broke below key technical levels, indicating a shift toward bearish control. The cryptocurrency has also dropped below the lower boundary of a long-standing wedge pattern, reflecting a breakdown in market structure. The breach of critical moving averages suggests that sellers are in command and the next key support area is around $0.5. Despite this bearish movement, XRP may undergo a corrective retracement marked by low volatility before continuing its decline. The rejection at the $0.65 resistance is evident on the 4-hour chart, and the market is currently dominated by sellers. The price has now dropped towards the crucial support range defined by Fibonacci retracement levels, where it is expected to find temporary support.

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