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Ripple Price Analysis: XRP Needs to Stay Above This Key Level to Avoid Further Declines

Author: Content Editor
Ripple has experienced a sharp drop, falling below the important 100-day moving average of $0.53. This indicates a bearish outlook for the cryptocurrency, and it is likely that the price will continue to decline after a period of consolidation. The breach of the 100- and 200-day moving averages suggests strong selling pressure and confirms the dominance of sellers in the market. Ripple is retracing towards the broken moving average and could potentially reach the $0.48 support zone. In the mid-term, a consolidation phase between the $0.48 support and the $0.54 resistance is expected. On the 4-hour timeframe, Ripple has broken below a descending wedge pattern, highlighting the prevailing bearish sentiment. The price is now attempting to pull back to the broken trendline, which may confirm the breakout. The cryptocurrency has also reached a critical support zone defined by Fibonacci retracement levels, where demand may temporarily halt the decline. The next short-term move for Ripple will depend on a breakout from its current trading range.

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