- Maintaining a triangle pattern in a weekly chart the Ripple price action shows higher price rejection from the resistance trend line.
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- Moreover, it forms an evening star pattern that projects the possibility of a new bear cycle within.
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- However, the correction can be a retest of the $0.55 breakout, a crucial resistance since September 2022.
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- Indicating a bullish reversal possibility from this bounce pad to re-challenge the resistance trendline for a breakout.
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- In such a case, a breakout rally can find itself reaching the high of $1.33 putting a bullish 2023 end for Ripple.
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- On the downside, if the prices fail to float above $0.55, the prolonged selling can force Ripple prices to test $0.40 or even lower the support trend line at $0.30.