After a period of relatively subdued price movements in Ripple, hovering above and near the critical support zone represented by the 200-day moving
average, sellers have finally pushed the price below this crucial indicator, signalling a clear bearish outlook for Ripple’s trajectory.A detailed examination of the daily chart reveals a multi-week consolidation phase that unfolded after the rapid rebound above the 200-day MA in mid-August. Ripple’s price exhibited slight volatility throughout this consolidation period, remaining near the 200-day MA, at approximately $0.51.
While a modest upward retracement, creating a pullback towards the broken MA, remains a possibility, the overall outlook for Ripple is bearish, with the next likely destination being the critical support zone at $0.42. Therefore, the forthcoming price action is of utmost importance, as it could potentially determine the path ahead for Ripple.
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