Why is the price of XRP down today? (Ripple Price Analysis)

Ripple is navigating a fundamental range between $1.8 and $3, with recent price action highlighting the likelihood of a consolidation phase.

A break of this range will likely determine its next significant trend.

By Shayan

The daily chart

XRP has recently faced rejection of the critical $3 resistance, leading to increased volatility and initiating a sideways consolidation phase. After that, the price found support at the $1.8 level, a key area full of demand and buying pressure.

This support region may further limit the downside move and keep the cryptocurrency within the $1.8-$3 range.

As the price consolidates, a bullish or bearish breakout will determine Ripple’s next trajectory. While this could lead to a sustained uptrend, an unexpected bearish breakout could trigger a major liquidation event, causing the price to plummet to lower levels.

Source: TradingView The 4-hour chart

During the 4-hour period, XRP consolidates within a descending wedge pattern, which often indicates a potential bullish breakout if it breaks to the upside.

The price is currently testing the lower boundary of the wedge near the $1.8 support level, where more buying activity is expected.

In the medium term, Ripple looks likely to continue fluctuating within this pattern, with a bullish breakout aiming to recapture higher levels near $3. Conversely, a bearish break below the lower boundary of the wedge could initiate a decline, potentially driving the price towards the $1.5 threshold, a crucial support level.

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