Ripple’s XRP has been experiencing a period of consolidation on the daily chart, with its price fluctuating between a key support level of $0.47 and a crucial resistance level of $0.55. This has formed a sideways triangle pattern, indicating a period of indecision in the market.
It is worth noting that the upper boundary of this range coincides with both the 100-day and 200-day moving averages. This adds further significance to this level, as it has consistently acted as a strong resistance level in the past.
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