28. September 2023

Ripple Consolidates: Is a Major Price Move Coming?

• XRP is currently in a tight consolidation period, as it approaches the narrow range of its multi-month triangle.
• Technical analysis suggests that XRP may be facing a bearish trend, after being rejected by the 200-day moving average at around $0.4.
• The lower trendline of the channel could provide support to the price if it falls below this level, with traders expecting another downtrend toward the next support level of $0.3.

Ripple Consolidation

XRP has been forming a symmetrical triangle pattern and has now reached the narrow range of the triangle. The mid-term outlook of XRP will be determined by a breakout from this triangle, while the current price action suggests a bearish trend.

200-Day Moving Average

The cryptocurrency was recently rejected by the 200-day moving average at around $0.4, indicating a bearish sentiment in the market. Despite all this, the price has since fallen and is now facing the lower trendline of the triangle, which serves as a strong support level.

Ascending Price Channel

Following an impulsive downtrend, XRP is currently in a correction phase and has formed an ascending price channel. The cryptocurrency was recently rejected by the channel’s middle boundary and has experienced a slight decline, reaching the lower threshold.

Lower Threshold Support

The lower threshold of the channel has already provided support to the price twice, making it a crucial level to monitor. If