Ripple Price Analysis: XRP Bulls Want to Aim $0.64 But Theres a Catch
XRPs price has seen minimal volatility near the significant support region of the 200-day moving average at $0.54.
Given the potential demand at this crucial juncture, a period of sideways consolidation is expected, with Ripple likely moving toward the $0.64 resistance region in the short term.
XRP Analysis
By Shayan
The Daily Chart
Ripples price is showing minimal volatility near the crucial support level of the 200-day moving average at $0.54. After a slight rejection from the significant $0.63 resistance zone, it retraced toward the support of around $0.55. This aligns with the 200-day moving average, offering a strong foundation for the price.
Currently, the cryptocurrency seems to be consolidating with little indication of its next direction. The price remains confined within a decisive range, bound by the $0.63 resistance and $0.55 support levels.
Given the current conditions, a period of sideways consolidation within this range is expected in the short term. The eventual breakout in either direction will likely dictate Ripples next significant move.
The 4-Hour Chart
The 4-hour chart further highlights Ripples recent retracement phase, showing a bearish corrective movement characterized by weak momentum.
The price has now settled on a crucial support region around the $0.55 level, which has historically provided stability. XRP is also within a descending flag pattern, suggesting the potential for a continuation of the bullish trend if the price breaks above the patterns upper boundary.
Currently, a tug-of-war between buyers and sellers is unfolding near the $0.55 mark. The price action indicates a possible resurgence in buying pressure in the coming days, potentially leading to a rally targeting the key $0.64 resistance level.
However, if the price unexpectedly breaks below this support, the next target would likely be within the 0.5-0.618 Fibonacci retracement range.
The post Ripple Price Analysis: XRP Bulls Want to Aim $0.64 But Theres a Catch appeared first on CryptoPotato.
Read more: https://cryptopotato.com/ripple-price-analysis-xrp-bulls-want-to-aim-0-64-but-theres-a-catch/
Text source: CryptoPotato
