Ripple Price Faces Increased Selling Pressure, Breakout Confirmed

10/01 23:32

According to CryptoPotato, Ripple has recently experienced increased selling pressure, causing its price to fall below a critical support region. This region includes the lower boundary of the wedge and the 100-day and 200-day moving averages. However, a completed pullback has emerged, confirming the validity of the breakout. The daily chart shows a significant drop in Ripple's price, breaking its multi-month sideways consolidation range. This event triggered a large number of sell-stop orders, intensifying selling pressure and pushing the price below the crucial support area. Despite this, the cryptocurrency found support at the $0.499 threshold and retraced back to the breached level, completing a pullback. This successful pullback suggests a valid breakout, indicating the possibility of a mid-term downward trend toward the substantial $0.48 support region. A closer look at the 4-hour chart reveals an impulsive breach below a significant support region, ranging from the critical 0.5 ($0.61) to 0.618 ($0.58) levels of the Fibonacci retracement, aligning with the lower boundary of the wedge. However, sellers encountered increased demand around the crucial $0.499 region and the multi-month ascending trendline, leading to a retracement back toward the breached support region. Ripple appears to be contained within a tight dynamic range, defined by the resistance region marked by the critical 0.5 ($0.61) to 0.618 ($0.58) Fibonacci retracement levels and the crucial dynamic support of the ascending trendline. As a result, a mid-term consolidation stage within this pivotal range is expected for Ripple until a valid breakout occurs in either direction.

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