By Shayan
After stopping working to breach the $0.74 mark, Ripple started a restorative leg, backtracking towards the 100-day and 200-day moving averages at roughly $0.55.
A vital assistance area stands in the method, possibly putting a stop to Ripple’s short-term down trajectory.
The Daily Chart
The day-to-day chart shows that Ripple experienced seller supremacy when trying to go beyond the $0.74 mark, restraining more upward momentum. Consequently, the cost got in a correction phase, backtracking towards a critical assistance area on the everyday chart.
This important assistance variety includes the 100 and 200-day moving averages, together with the fixed assistance level of $0.54, supplying significant mental assistance for Ripple.
Offered current cost action and the significance of the $0.54 assistance variety, there is a high probability of an extension of the debt consolidation phase, with the rate experiencing volatility around this important mark. If Ripple purchasers return to the marketplace, a fresh uptrend might possibly be started with the objective of recovering the $0.74 resistance limit.
Source: TradingView The 4-Hour Chart
Turning attention to the 4-hour chart, Ripple’s upward motion came across a powerful barrier within an important resistance area specified by the rate variety in between the 0.5 and 0.618 levels of the Fibonacci retracement ($0.6799-$0.7408).
