After a period of consolidation within the critical range of $0.46 to $0.50, Ripple’s price received support and experienced increased buying pressure, resulting in a bullish rebound.
However, XRP is currently retracing towards the broken trendline and the 100 and 200-day moving averages, hinting at a potential pullback.
By Shayan
A comprehensive analysis of the daily chart reveals that following a period of consolidation near the pivotal level of $0.45, buyers regained control, sparking a bullish rebound. However, Ripple faces significant resistance ahead, represented by two critical levels: the previously breached ascending trendline at $0.55 and the 100 and 200-day MAs around $0.59.
Despite these hurdles, the XRP price seems more likely to continue its bullish retracement toward these crucial resistance levels, potentially concluding a pullback. Should this succeed, the short-term scenario would likely involve a renewed downward movement toward the significant support zone at $0.45.
Source: TradingView
A closer examination of the 4-hour chart reveals that following a notable decline, Ripple stabilized around the $0.50 mark, leading to a period of sideways consolidation. Subsequently, the price gathered bullish momentum and surged towards a significant resistance region delineated by the range between the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci levels.
Should XRP encounter heightened selling pressure near this critical juncture, it could signal a continuation of the initial bearish trend, with the price aiming to breach the crucial $0.50 threshold. Conversely, if buyers manage to reclaim this pivotal resistance, Ripple’s next target would be the critical resistance zone at $0.58.
Source: TradingView
The post XRP Bull Run Might Start if Bulls Successfully Retake These Two Levels (Ripple Price Analysis) appeared first on CryptoPotato.
However, XRP is currently retracing towards the broken trendline and the 100 and 200-day moving averages, hinting at a potential pullback.
Ripple Price Analysis: Technicals
By Shayan
The Daily Chart
A comprehensive analysis of the daily chart reveals that following a period of consolidation near the pivotal level of $0.45, buyers regained control, sparking a bullish rebound. However, Ripple faces significant resistance ahead, represented by two critical levels: the previously breached ascending trendline at $0.55 and the 100 and 200-day MAs around $0.59.
Despite these hurdles, the XRP price seems more likely to continue its bullish retracement toward these crucial resistance levels, potentially concluding a pullback. Should this succeed, the short-term scenario would likely involve a renewed downward movement toward the significant support zone at $0.45.
Source: TradingView
The 4-Hour Chart
A closer examination of the 4-hour chart reveals that following a notable decline, Ripple stabilized around the $0.50 mark, leading to a period of sideways consolidation. Subsequently, the price gathered bullish momentum and surged towards a significant resistance region delineated by the range between the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci levels.
Should XRP encounter heightened selling pressure near this critical juncture, it could signal a continuation of the initial bearish trend, with the price aiming to breach the crucial $0.50 threshold. Conversely, if buyers manage to reclaim this pivotal resistance, Ripple’s next target would be the critical resistance zone at $0.58.
Source: TradingView
The post XRP Bull Run Might Start if Bulls Successfully Retake These Two Levels (Ripple Price Analysis) appeared first on CryptoPotato.
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