Cardano

Strong

when

<ul> 
 <li><strong>Ripple’s support range has held strong since May 2023.</strong></li> 
 <li><strong>The MACD indicator signals a potential bullish rebound.</strong></li> 
</ul>  
<p>On the daily chart, Ripple (<a href="https://www.crypto-news-flash.com/xrp-surges-1-21-amid-sec-backlash-will-court-ruling-set-new-precedent/">XRP</a>) has been settling in a sideways triangular formation that indicates a balance between buying and selling pressures and raises doubts about the general trend direction. Sellers are finding it difficult to get below the $0.47 lower border of this pattern, which the price recently hit.</p> 
<p>Strong holding of this support range since May 2023 indicates ongoing demand and strong buying pressure. As such, a mid-term bullish reversal appears plausible, which could result in little bullish moves toward the top edge of the triangle.</p> 
<p>A quick fall below this crucial support, however, would lead to a large long-term liquidation and a steep short-term loss.</p> 
<h2 id="strong-short-term-bearish-continuation-flag-pattern-strong"><strong>Short-Term Bearish Continuation Flag Pattern</strong></h2> 
<p>The <a href="https://www.crypto-news-flash.com/xrp-faces-trouble-analyst-predicts-major-price-decline/">XRP price</a> forms a bearish continuation flag pattern on the 4-hour chart, with a brief phase of lateral movement and erratic price activity near the critical $0.47 support zone. The price fell recently to the important $0.47 support zone and the bottom trendline of the pattern.</p> 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-medium" src="https://cdn.shortpixel.ai/spai/w_1149+q_lossless+ret_img+to_webp/https://cryptopotato.com/wp-content/uploads/2024/06/XRP-D-6.jpg" alt="XRP price" width="1149" height="546">
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<p>Should sellers be able to cross this threshold, a big and quick decline is expected. But the MACD indicator, which has recently turned green, suggests a potential bullish rebound.</p> 
<p>This indication and the current demand around this important support point to more buying pressure and the possibility of a mid-term bullish turnaround.</p> 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-medium" src="https://cryptopotato.com/wp-content/uploads/2024/06/XRP-4H-6.jpg" width="1835" height="872">
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h3 id="strong-current-xrp-market-data-strong"><strong>Current XRP Market Data</strong></h3> 
<p>CoinMarketCap data show that the price of XRP is about <strong>$0.4722</strong> at the moment of writing, down<span style="color: #ff0000;"><strong> 0.57%</strong></span> over the last 24 hours. Earlier, CNF featured Ambassador Bitrue, King Karan, who made a strong case for XRP and stressed that it would be the <a href="https://www.crypto-news-flash.com/bitrue-ambassador-missing-out-on-xrp-is-the-biggest-mistake/">biggest mistake</a> to ignore this cryptocurrency.</p> 
<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<p>On the other hand, according to <a href="https://www.crypto-news-flash.com/xrp-etf-challenges-gsr-analysis-highlights-obstacles/">GSR research</a>, XRP and Cardano face hurdles when it comes to ETF adaptation. GSR approaches decentralization critically, highlighting aspects like permissionless participation.</p>

Ripple’s $0.47 Dilemma: Will XRP Price Bounce Back or Drop Further?

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Crypto News Flash

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