The cryptocurrency analysis company 'Macro, Vision' has released its updated technical assessment for the price of Ripple ($XRP ), indicating that Ripple is currently testing a vital support area, and this level will be critical in determining the price direction.
According to Macro, Vision, the price structure of Ripple is still in a downward trend. The analysis indicates that the bearish trend shown by the red line is still intact, while the recent price movement has reinforced this trend with lower highs and lows. In particular, breaking the support line at $2.03 has brought Ripple to a critical threshold.
Ripple is currently located in the 'Golden Pocket' area (Fibonacci range 0.618-0.665), which is considered important in technical analysis. This area covers the range of $1.95-$2.03. According to the analysis, although this area is attempting to stabilize the price currently, a strong buying reaction has not been observed yet. It is noted that if this level is broken, weaker support levels will come into play, which could mean a bearish breakout. Macro, Vision identified two potential scenarios for the price of Ripple.
($XRP ) as follows:
In the event of an upward reaction: It was mentioned that the price could rise above $2.13 again, with the first target being the liquidity area at $2.23, and then the recent lower highs at $2.35.
In the event of continued selling pressure: It was mentioned that the price of Ripple could decline to the range of $1.55-$1.40, and in this case, the overall bullish pattern may be disrupted.
*This is not investment advice.
