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Ripple price recently found itself at an important support zone, ranging from $0.58 to dynamic support provided by the upper boundary of the triangle formation. This critical support zone should prevent further downward pressure, paving the way for a notable rebound in the medium term.
By Shayan
The daily chart
After a close look at the daily chart, it is evident that XRP has seen a notable fall recently, eventually landing on a pivotal support region encompassing the $0.57 mark and supported by dynamic support from the triangle's upper boundary.
Therefore, a reversal is expected as intensified buying pressure approaches this crucial level, propelling the price towards the critical resistance at $0.66. Nonetheless, Ripple's long-term trajectory appears to be consolidating within a decisive range, with $0.7 acting as crucial resistance and $0.6 as important support until a breakout occurs.
The 4-hour chart
A closer look at the 4-hour chart reveals price swings within the pivot range between $0.57 support and $0.66 resistance, with the recent price decline approaching the lower boundary of this range .
Additionally, the price recently crossed the crucial multi-month ascending trendline due to the downturn and completed its pullback to the broken level. This action suggests that sellers are inclined to push the price of Ripple lower.
However, XRP still encounters a crucial support zone at $0.57, and a successful break below this pivotal support could potentially trigger an extended downtrend towards the $0.55 support zone. Nonetheless, if buying pressure materializes around the $0.57 range and supports the price, a bounce towards the $0.66 resistance is deemed imminent.
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