Ripple’s support range has remained strong since May 2023, indicating ongoing demand and strong buying pressure. The MACD indicator is signaling a potential bullish rebound. On the daily chart, Ripple (XRP) has been trading in a sideways triangular formation, suggesting a balance between buyers and sellers and creating uncertainty about the overall trend direction. Sellers are struggling to push the price below the $0.47 lower border of this pattern, which the price recently touched.
The strong holding of this support range since May 2023 suggests that there is a demand for Ripple and strong buying pressure. This could potentially lead to a mid-term bullish reversal, with the price making small upward moves towards the top edge of the triangle. However, if the price quickly falls below this crucial support level, it could result in a significant long-term sell-off and a steep short-term loss.
On the 4-hour chart, the XRP price is forming a bearish continuation flag pattern, characterized by a period of sideways movement and erratic price activity near the critical $0.47 support zone. The price recently dropped to this support zone and the bottom trendline of the pattern. If sellers are able to break through this threshold, a substantial and rapid decline is expected. However, the MACD indicator, which has recently turned green, suggests the possibility of a bullish rebound.
The combination of this bullish indication and the current demand around the important support level indicates that there may be more buying pressure and the potential for a mid-term bullish reversal.
According to CoinMarketCap, the price of XRP is currently around $0.4722, showing a 0.57% decrease over the past 24 hours. In a recent interview, Ambassador Bitrue, King Karan, made a strong argument for XRP and emphasized that ignoring this cryptocurrency would be a major mistake.
However, GSR research suggests that XRP and Cardano face challenges in terms of ETF adoption. GSR takes a critical approach to decentralization and highlights aspects such as permissionless participation.
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