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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
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.
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.
This article first appeared at CryptoPotato
