A detailed examination of the daily chart indicates that Ripple has been in a downward trend, with a bearish price channel extending over several months. Recently, XRP had a huge long liquidation cascade and a sharp price decrease after being rejected from the channel’s upper barrier at $0.48. The centre boundary of the channel and the vital $0.42 support area comprise the critical support region that the coin is now in. There has been more activity and volatility in this area.

In the near future, a period of consolidation is anticipated within the range of $0.42 and the channel’s upper threshold of $0.47. The likelihood of the bearish trend continuing increases if the price breaks below the crucial $0.42 support area.

The 4-Hour Chart

After an abrupt dip, the price on the 4-hour chart recovered to the critical $0.42 support level and saw a spike in purchasing activity. As a result, XRP produced a bullish comeback before retreating towards a notable resistance area, which spans the Fibonacci levels of 0.5 ($0.4353) and 0.618 ($0.4480). The primary objective of the bullish corrective phase is this zone. It is more likely that the negative trend will continue if the price is rejected close to this crucial key, with sellers primarily aiming for the $0.38 support area.

On the other hand, if the price successfully surpasses this resistance region, the continuation of the bullish retracement toward the $0.47 resistance zone becomes likely. Therefore, the price action near these key Fibonacci levels is crucial for determining Ripple’s upcoming movements.