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The uptrend curve of Ripple (XRP) has broken down. The price is currently struggling to hold on to the support level. However, it is unclear whether the specified support area will be able to sustain the price.
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XRP reached a low point of $0.29 on June 22, 2022. After completing this dip formation, it exhibited a strong uptrend for 564 days. However, there was a sharp decline on January 3, which signaled the end of the uptrend. The price is currently showing a horizontal movement on a support point of $0.55.
The price movements during this process show that XRP is looking for a new direction and is looking for balance at a certain price level. The horizontal movement above the $0.55 support point can be associated with the uncertainty and search for balance in the market.
Ripple is exhibiting a double bottom formation on the $0.55 support level. If the crypto market shows a positive picture in the coming days, Ripple has the potential to rise again to the $0.73 resistance level. However, it first needs to overcome the intermediate resistance point at the $0.60 level to realize this potential.
In a different scenario, if Ripple loses the $0.55 support area, it may face a pullback to the $0.47 support level. In this case, it will be important to see how the price reacts at this support point.