 The rate of XRP has fallen by 0.9% over the last day. The rate of XRP is in the middle of the local channel accumulating energy for a further sharp move. As most of the daily ATR has been passed, ongoing consolidation in the area of 60 cents is the more likely scenario until tomorrow. On the daily chart, the price of XRP has once again failed to fix above the 61 cents zone. If today's bar closes below yesterday's low, the decline may continue to the 59 cents zone soon. From the midterm point of view, traders should pay attention to the important zone of 60 cents. If the candle closes below it, the correction may continue to the 55 cents area within a few days. XRP is trading at 60 cents. 60. In the cryptocurrency market, technical analysis is a crucial indicator that particularly derivatives traders need to monitor continuously. What does the technical analysis indicate for Ripple, which was trading at $0.6013 at the time of writing? We explore this with a detailed chart review and by examining key support and resistance levels. Ripple's first notable formation on the 4-hour chart is a descending channel pattern. Despite breaking the resistance line after the rise on November 26, XRP faced significant selling pressure at this level. Subsequently, XRP's price continued to lose momentum and closed below the EMA 200, red line, losing a critical support level. The most important support levels to follow on the 4-hour chart for XRP are 0.59, 0.58 and 0.57 dollars. A closure below the $0.59 level, which has been playing a significant role for the past week, will likely cause XRP's price to lose momentum in the short term. The most important resistance levels to watch on the 4-hour chart for XRP are 0.607, 0.61 and 0.62 dollars. Notably, a closure above the $0.62 level, which intersects with the EMA 200 level, will potentially lead to a breakout from the descending channel formation and allow XRP to trade above the EMA 200 level. In a significant development in the ongoing legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission, SEC, Ripple's chief legal officer, C.L.O., Stuart Alderotti, has hinted at a potential victory for Ripple if the case escalates to the U.S. Supreme Court. This revelation follows a series of events that have shaped the narrative of this high-profile case. Stuart Alderotti, through a recent social media post, suggested that the SEC might face a setback if Ripple decides to take its ongoing legal battle to the Supreme Court. This assertion aligns with a pattern of the Supreme Court's rulings against the SEC in recent years. This development comes on the heels of a mixed ruling by federal judge Annalisa Torres, which differentiated between Ripple's direct sales to financial institutions and other types of XRP sales. The legal discourse took a turn this summer when Judge Torres issued a partial ruling in favor of Ripple. The judge clarified that certain sales of XRP, particularly those in the secondary market, and programmable sales are not to be classified as security sales. However, the judge maintained that direct sales to financial institutions fall under this category. This ruling momentarily impacted XRP's market value, pushing it to a high of 71 cents before experiencing a decline. In a further twist, the SEC recently dropped personal legal actions against Ripple's CEO Brad Garlinghouse and co-founder Chris Larson. This move followed Garlinghouse's public declaration of his readiness to escalate the legal fight to the Supreme Court, as stated during his interview at the D.C. FinTech Week 2023. Crypto Datatracker Whale Alert reports millions of XRP being shifted to exchanges within the last 24 hours. Two outflows totaling 43.6 million XRP have been reported by Whale Alert. In a single transaction, 18.5 million XOT-free worth 11,211,064 dollars were transferred from an unknown wallet to the Bitso crypto exchange. The previous day saw the transfer of 32,078,901 XRP worth 19,557,285 dollars to the Bytham crypto exchange. While there are various reasons why tokens are transferred to exchanges, the precise cause for the said transfers of XRP tokens to crypto exchanges is unknown. However, one plausible reason could be to sell, keeping this in mind what draws more attention is the fact that the tokens were sold at a loss. XIRP is currently witnessing a price decline alongside the rest of the crypto market. The global crypto market valuation has fallen by 1% in the previous 24 hours, as Bitcoin and altcoins have suffered minor losses. XRP reached a high of 0.637 dollars at the start of the week on November 26th, before profit taking set in. Since this date, XRP might be set to mark 4 out of 5 days of losses if today ends in the red. Because of the declines, XRP is nearing the key support at the daily MA50 at 59 cents, a key level that has held the XRP price in recent weeks. As buyers return, XRP may rally to 67 cents, but a drop below the daily MA50 at 59 cents may indicate that bears are attempting to seize control. In cryptocurrency, technical analysis often unveils intriguing patterns that hint at future market movements. eGREG Crypto, a renowned market and technical analyst, recently shed light on one such pattern that could have significant implications for the price of XRP Ripple. This analysis centers on a unique 3 candle formation in XRP's trading history, suggesting a potential price surge. Historically, XRP has exhibited a rare pattern, the emergence of 3 consecutive monthly green candles. Such an occurrence has been noted only twice before and XRP is allegedly on the verge of witnessing this formation again within the next 17 hours. The implications of this pattern are two-fold, each leading to a different yet substantial potential price increase. The first scenario draws from a period of five months of consolidation, followed by an impressive 1,500% surge in XRP's price. If this pattern repeats, the community could see XRP's value escalate to around $10 starting from April 1, 2024. Thanks for watching, please subscribe to my channel for more.