XRP (Ripple) has entered a period of sideways consolidation after a significant price drop, leaving investors questioning its next move. The cryptocurrency appears stuck in a tight range until a breakout triggers a directional shift.A closer look at the daily chart shows that Ripple’s market activity has slowed down, with the price consolidating sideways with very low volatility after dropping from the $0.75 level.
Despite this, the price has found strong support within a critical range, with a static region around $0.58 and dynamic support from the lower boundary of a triangle pattern. This suggests that buyers are active near this important level.
However, Ripple’s price seems to be stuck between the $0.66 and $0.58 levels in the medium term until a breakout occurs.
Looking at the 4-hour chart, Ripple’s price action appears indecisive after a significant decline from the $0.74 level. Nevertheless, XRP found support around the crucial $0.56 level, leading to sideways consolidation.
It is expected that Ripple’s price will remain within the significant support at $0.57 and the notable resistance at $0.66, indicating the possibility of extended consolidation within this crucial range until a breakout occurs.
A breach above the $0.66 level could potentially trigger a rally towards the $0.74 resistance level as the next key target for Ripple’s price movement.