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Ripple recently experienced a surge in buying activity and a subsequent increase toward the $0.6 threshold, but upward momentum has stalled, leading to a slight sideways consolidation.
Nevertheless, XRP is confined within the crucial $0.55-$0.64 range, signaling a likely short-term continuation of this consolidation.
XRP Analysis
By Shayan
The Daily Chart
On the daily chart, Ripple has formed an ascending wedge pattern with higher highs and lows. After a strong wave of buying near the wedge’s lower boundary, which aligns with the $0.5 support zone, the asset surged to the $0.6 mark. However, the price hit resistance at this level and has shifted into a sideways consolidation.
Currently, Ripple is confined within a key price range, with resistance at $0.64, which has repeatedly rejected upward moves, and dynamic support at the wedge’s lower boundary, currently around $0.55.
A breakout from this range will provide clearer signals for Ripple’s mid-term trend direction. If buyers reclaim the $0.64 resistance, it could trigger a short-squeeze, propelling the price above the wedge’s upper boundary and potentially marking a significant shift toward bullish sentiment.
The 4-Hour Chart
On the 4-hour chart, XRP has been consolidating within a bullish flag pattern, with recent support found near the $0.5 level and the 0.5 Fibonacci retracement at $0.52. This support fueled a surge, but the price has stalled at the flag’s upper boundary at $0.6, signaling strong selling pressure at this level.
Ripple is consolidating just below the $0.6 mark, reflecting the ongoing battle between buyers and sellers. If buyers break above this boundary, the critical $0.64 resistance will be the next target. Conversely, a rejection at this level could push Ripple back toward the lower threshold of the flag pattern, near the $0.55 support region.
This article first appeared at CryptoPotato
