XRP Unable to Break Out Despite Recent Push to $0.63, Whats Next? (Ripple Price Analysis)
After a notable surge, Ripples price has successfully broken above the upper trendline of a multi-month triangle pattern, indicating a bullish signal. However, the recent retracement suggests a potential pullback to the broken level.
XRP Analysis
By Shayan
The Daily Chart
A detailed analysis of the daily chart highlights Ripples surge as it surpassed a crucial resistance area represented by the dynamic upper boundary of the triangle pattern, reaching a significant resistance level at $0.74. This breakout underscores the presence of buyers in the market.
However, the price encountered a notable rejection near the $0.74 resistance, leading to a consolidation correction stage toward the triangles broken threshold. Many participants view this retracement as a temporary pullback to the triangles upper boundary. Should the price complete this pullback, Ripple is expected to initiate a fresh rally, targeting a new yearly high above $0.74.
Nevertheless, Ripples price appears to be confined within a critical range, delineated by the $0.74 crucial resistance and the $0.56 significant support region in the mid term until a breakout occurs.
The 4-Hour Chart
A closer examination of the 4-hour chart reveals a significant rejection following a surge towards the $0.74 region, resulting in a noteworthy 23% decline in Ripples price. However, the cryptocurrency found support upon reaching the crucial $0.56 price region, potentially halting the recent downward correction.
Nonetheless, Ripples price is expected to remain within the substantial $0.57 support region and the notable $0.74 resistance level, implying the possibility of prolonged consolidation within this pivotal range until a breakout occurs. A breach above the $0.74 threshold would shift focus toward the $0.80 resistance level as the next focal point for Ripples price trajectory.
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Text source: CryptoPotato
