- XRP successfully pulled back at $0.499, confirming a breakout despite selling pressure.
- The four-hour chart shows a breach in support, but increased demand led to a retracement.
- XRP is anticipated to consolidate within key Fibonacci levels and the ascending trendline until a decisive breakout.
XRP has been grappling with intense selling pressure, compelling its price to dip below a critical support region encompassing the lower boundary of a wedge formation and 100-day and 200-day moving averages.
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On the daily chart, XRP’s price exhibited a significant drop, breaching a multi-month sideways consolidation range and triggering a cascade of sell-stop orders. This downward momentum propelled the cryptocurrency below the crucial support zone.
Yet, amidst the bearish onslaught, XRP found support at the $0.499 threshold, executing a successful pullback that underlines the validity of the earlier breakout. This pullback serves as a key indicator, pointing towards a potential mid-term downward trend, with eyes set on the substantial $0.48 support region.
A more granular examination of the four-hour chart illuminates the scenario further. Here, an impulsive breach beneath substantial support levels, spanning from the critical 0.5 ($0.61) to 0.618 ($0.58) Fibonacci retracement levels, coincided with the lower boundary of the wedge.
Source: TradingView
However, a robust demand emerged at the crucial $0.499 region and the long-standing ascending trendline, leading to a retracement back into the breached support territory. XRP now appears ensnared in a narrow dynamic range, sandwiched between the resistance defined by the critical Fibonacci retracement levels and the crucial dynamic support offered by the ascending trendline. This sets the stage for an anticipated mid-term consolidation until a definitive breakout manifests in either direction.
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