According to CryptoPotato, Ripple's price has recently found significant support, ranging from $0.58 to the dynamic support provided by the upper boundary of the triangle formation. This critical support zone is expected to resist further downward pressure, setting the stage for a significant rebound in the mid-term.
Upon a detailed examination of the daily chart, it is clear that Ripple experienced a significant drop recently, landing on a crucial support region around the $0.57 mark. This support is bolstered by the dynamic support of the triangle's upper boundary. As a result, a reversal is anticipated as increased buying pressure approaches this critical level, driving the price towards the significant resistance at $0.66. However, Ripple's long-term trajectory seems to be consolidating within a decisive range, with $0.7 acting as a crucial resistance and $0.6 as a significant support until a breakout occurs.
A closer look at the 4-hour chart reveals price fluctuations within the critical range between $0.57 support and $0.66 resistance. The recent price drop is nearing the lower boundary of this range. Furthermore, the price has recently breached the crucial multi-month ascending trendline due to the downturn and has completed a pullback to the broken level. This action suggests sellers are inclined to drive Ripple's price towards lower levels. However, Ripple still encounters a crucial support area at $0.57, and a successful breach below this pivotal support could potentially trigger an extended bearish trend toward the $0.55 support zone. Nevertheless, if buying pressure materializes around the $0.57 range and supports the price, a rebound toward the $0.66 resistance is deemed imminent.