Ripple has recently faced substantial selling pressure near the $0.65 resistance level, leading to a notable decline. This indicates a potential shift toward bearish control as the price falls below the ascending wedge pattern’s lower boundary. XRP might continue its downward trend toward the $0.5 mark in the upcoming sessions.
**XRP Analysis**
*By Shayan*
**The Daily Chart**
On the daily chart, XRP rose towards the ascending wedge’s upper boundary and the primary resistance zone at $0.65, but faced significant rejection. This area, which aligns with previous swing highs, is a strong resistance level that has prevented further price increases in recent months. Following the rejection, Ripple entered the crucial price range of $0.5-$0.55, where short-term consolidation is anticipated. Given the break below the ascending wedge’s lower trendline, a bearish continuation is expected. If XRP attempts a pullback to retest the broken wedge, more selling pressure could push it toward lower thresholds, particularly the $0.5 support level.
**The 4-Hour Chart**
The 4-hour chart shows a false breakout after Ripple briefly exceeded the $0.65 level. This move sparked significant demand, but was met with intense selling pressure, causing a sharp reversal. XRP’s price quickly fell back inside the flag pattern from which it had broken out. Currently, the cryptocurrency is testing a key support region marked by the flag’s lower trendline and the Fibonacci retracement levels of 0.5 ($0.52) and 0.618 ($0.48). This range is expected to temporarily hold the price, leading to a potential short-term bullish corrective move and sideways consolidation before the next major trend direction is determined.
Source: TradingView
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