Is XRP Headed to a Crash Under $0.50?

Ripple has not too long ago encountered important promoting stress close to the $0.65 resistance zone, triggering a pointy decline.

This motion indicators a possible shift towards bearish dominance as the value breaks beneath the ascending wedge sample’s decrease boundary. XRP could proceed its descent towards the $0.5 threshold within the coming periods.

By Shayan

The Each day Chart

On the every day chart, XRP surged in the direction of the ascending wedge’s higher boundary and the first resistance zone of $0.65, solely to face substantial rejection.

This space, aligning with earlier swing highs, is a formidable resistance stage and has halted additional value will increase in current months. Following the rejection, Ripple entered the essential value vary of $0.5-$0.55, the place short-term consolidation is more likely to happen.

Given the break beneath the ascending wedge’s decrease trendline, a bearish continuation is anticipated. If XRP makes an attempt a pullback to retest the damaged wedge, the value might face extra promoting stress, probably driving it towards decrease thresholds, significantly the $0.5 assist stage.

The 4-Hour Chart

The 4-hour chart reveals a false breakout after Ripple briefly surpassed the $0.65 stage. This transfer introduced in substantial demand, however the surge was met with intense promoting stress, resulting in a pointy reversal.

XRP’s value rapidly fell again contained in the flag sample from which it had damaged out.

At present, the cryptocurrency is testing a essential assist area marked by the flag’s decrease trendline and the Fibonacci retracement ranges of 0.5 ($0.52) and 0.618 ($0.48). This vary is anticipated to carry the value quickly, resulting in a possible short-term bullish corrective transfer and sideways consolidation earlier than the following main pattern path is established.