Analysis of XRP's Price: Has Ripple Recovered from Its 10% Weekly Dip?

Ripple has recently experienced a significant drop in price after being rejected at the 100-day moving average of $2.5. It is now approaching a key support zone, which could lead to a mid-term price consolidation.

The support zone includes: the 0.5 Fibonacci retracement level ($1.9), the 200-day moving average ($1.7), and the expanding wedge’s lower boundary. These critical support levels suggest a strong demand at this price range, potentially preventing further losses. Ripple's recent upward trend hit strong resistance on the 4-hour chart, indicating weak bullish momentum and reduced buying pressure.

This led to a marked bearish decline, pushing the price towards the lower boundary of the descending wedge at $1.9, a key level that has repeatedly supported the price. If it fails to hold above this level, further declines could occur.

However, it is likely that the price will stabilize and consolidate around this support zone