• Ripple’s price has been trapped inside a static range between $0.42 and $0.31 for the last few months, and recently experienced a slight plummet after being rejected from an upper resistance level.
• The weekly chart of Ripple shows that the cryptocurrency is forming a falling wedge pattern with $0.31 as the significant support and $0.55 as the primary resistance.
• According to the daily chart, the rejection of the prolonged descending trendline led to a breakdown of the 200-day moving average, indicating that Ripple’s current outlook leans bearish.
XRP Entering Danger Zone
Ripple’s price has been stuck in a static range between $0.42 and $0.31 for several months now, and recently experienced a slight drop after being rejected from an upper resistance level. This indicates that further consolidation within this range could be imminent for XRP in the near future.
Weekly Chart Analysis
The weekly chart of Ripple shows that it is forming a falling wedge pattern with $0.31 serving as the main support level, while $0.55 serves as its primary resistance level. In case of any downside movement below this support line, then it can be expected that there will be another shakeout before reaching towards the lower boundary of this wedge pattern.
Daily Chart Analysis
As depicted on its daily chart, following its rejection from its descending trendline, XRP broke down through its 200-day moving average (MA). Generally speaking, when an asset’s price drops below its MA then it is considered to have a bearish outlook; thus, similarly XRP’s current outlook appears to be leaning bearishly too at this point in time due to this break down through its MA.. However, it is anticipated that XRP will consolidate within its range between $0.31 and 0$44 in order to regain some stability soon enough again..
Consolidation Stage Imminent?
It seems like XRP may be entering into a consolidation stage soon enough due to being contained within such narrow boundaries for quite some time now without any major movements taking place at either side of these boundaries both up or down over recent weeks or so now.. If consolidation does indeed take place here then one must remember though that if any downside movement takes place below $0/31 then there could potentially be another shakeout before it even reaches towards its lower boundary again; therefore it is always wise to keep an eye out on these areas closely..
Conclusion
In conclusion then at present moment in time it appears as though Ripple’s current outlook appears slightly bearish due to having broken down through their 200-day moving average recently.; however given how they are currently contained within such narrow boundaries presently without any major movements taking place over recent weeks or so – consolidation might just be impending eventually right around here sooner rather than later too – although if any downside movement does take place below their main support level ($ 0/31) then expect another shakeout before even reaching towards their lower boundary once more..