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<ul>
 <li>XRP experienced a breakdown from a symmetrical triangle pattern but maintained strong support at $0.50, preventing a significant drop.</li>
 <li>The high trading volume during the breakdown indicates strong bullish interest in defending the $0.50 level.</li>
 <li>Despite the current bearish sentiment, XRP is predicted to rise by 20.76% to approximately $0.625 by mid-June 2024.</li>
</ul>
XRP recently faced a breakdown from a symmetrical triangle pattern, typically a bearish signal suggesting further decline. However, this potential drop has been mitigated by robust support around the $0.50 mark.&nbsp;
The cryptocurrency’s price managed to avoid significant losses due to this critical support level, despite the bearish pattern that usually indicates continued downward movement. During this breakdown, XRP saw a surge in trading volume, highlighting the bulls’ commitment to defending the $0.50 support level. Additionally, both the 50-day and 200-day moving averages are converging above the current price.
Technical indicators present a mixed picture. The Relative Strength Index (RSI) hovers around 40, indicating that <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">XRP</a> is not yet in oversold territory. This suggests there might still be room for further downward movement before a potential rebound. However, the strong resilience at the $0.50 level hints at a possible consolidation phase before any significant price change occurs.
Conversely, if XRP fails to hold the $0.50 support, the price could decline further, possibly testing lower support levels around $0.45. This scenario would align with the bearish sentiment currently prevailing in the market.
According to CoinCodex’s <a href="https://coincodex.com/crypto/ripple/price-prediction/" rel="noopener noreferrer nofollow">XRP price prediction</a>, the cryptocurrency is expected to rise by 20.76% and reach approximately $0.625 by mid-June 2024. Despite the bearish sentiment, the Fear &amp; Greed Index reflects a score of 70, indicating a market characterized by greed. This suggests that investor sentiment may still hold optimism for a price rebound in the near future.
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The post <a href="https://cryptonewsland.com/xrp-holds-steady-at-0-50-despite-bearish-pattern-break-whats-next/" rel="noopener noreferrer nofollow">XRP Holds Steady at $0.50 Despite Bearish Pattern Break: What’s Next?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

XRP Holds Steady at $0.50 Despite Bearish Pattern Break: What’s Next?

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