XRP uses critical support, but is there a new test of $ 0.55? (Ripple price analysis)

XRP uses critical support, but is there a new test of $ 0.55? (Ripple price analysis)
After considerable volatility rippleder price experienced an impulsive downward trend, which was characterized by large red candles with clear shadows.
XRP finally reached the sliding 100-day average at $ 0.47, which serves as a strong support. However, if it falls below this level, another cascade is possible.
ripple privacy analysis
from Shayan
The daily chart
rippleder price experienced an extreme volatility around the decisive resistance range of $ 0.5, which led to a restless PA without a clear direction. Nevertheless, the cryptocurrency experienced a significant decline and reached a significant area of support that includes the sliding 100-day average of $ 0.47.
In addition, a double-top pattern has formed in the range of $ 0.55, which indicates a declining outlook at short notice.
However, it could also be that the price will enter a consolidation phase at short notice if you consider the purchasing power that is observed around this decisive area of support. Nevertheless, it should be noted that if the XRP crashed under the sliding average, a cascade in the direction of the sliding 200-day average, which is currently $ 0.42, the most likely scenario would be ripple.
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The 4-hour diagram
If you shift the focus on the 4-hour chart, the volatility mentioned above becomes clearer. The price initially started to rise and exceeded the significant level of resistance at $ 0.55, but then turned around and experienced a significant decline in the direction of the medium border of the channel.
This development, together with the breakthrough below the average limit of the channel, indicates a declining view of Ripple at short notice.
However, the price has fallen back to the opened level, which leads to a sweater and confirms a valid downward trend. So if the average trend line rejects the price, a cascade in the direction of the static support area of $ 0.42 would be possible. Conversely, a breakdown of the above -mentioned upward trend line could possibly trigger an upward trend towards the resistance zone of $ 0.55.
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