Ripple in Tight Consolidation, is a big step ahead of? (XRP price analysis)

Ripple in Tight Consolidation, is a big step ahead of? (XRP price analysis)

After a longer phase of uncertainty and consolidation, XRP has approached the tight span of its multi -month triangle. The medium -term prospects of XRP are determined by an outbreak from this triangle, while the current price movement indicates a declining trend.

technical analysis

of Shayan

the daily -type

In the daily time frame, XRP has formed a symmetrical triangular pattern and has now reached the narrow area of ​​the triangle. However, the cryptocurrency was recently rejected by the sliding 200-day average at around $ 0.4, which indicates a declining mood on the market.

Despite all of this, the price has fallen since then and is now in front of the lower trend line of the triangle, which serves as a strong level of support. In the event of an outbreak, a shakeout in the direction of the support level of $ 0.32 is expected.

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The 4-hour diagram

After an impulsive downward trend, XRP is currently in a correction phase and has formed an ascending course channel. The cryptocurrency was recently rejected by the middle border of the canal and has experienced a slight decline and reached the lower threshold.

The lower threshold of the channel has already supported the price twice, which makes it a decisive level that needs to be monitored. If the price falls below this level, retailers should expect another downward trend towards the next level of support of $ 0.3 However, there is also the possibility that the trend line supports the price and initiates a short -term upward trend towards the middle border of the channel. Nevertheless, it is important to take all possible scenarios into account in order to effectively manage risks because the cryptocurrency market can be unpredictable.

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