Ripple experienced a significant increase, but its upward momentum slowed down when it reached the critical resistance level of $0.58. However, the weekly timeframe suggests a bullish outlook.
Technical Analysis
By Shayan
The Weekly Chart
XRP broke through the multi-year descending trendline, which is a significant level on the weekly timeframe, after a substantial spike, resulting in positive market sentiment.
However, the price now encounters two significant obstacles: the $0.53-$0.58 range and the 100-week moving average at $0.63.
If XRP can surpass the $0.53-$0.58 zone, it may trigger a rally toward the 100-week moving average. On the other hand, if the price fails to exceed this range, the descending trendline may act as Ripple’s primary support.
The 4-Hour Chart
After an unsuccessful attempt to break the $0.58 level, XRP’s price encountered resistance and experienced a reversal with a steady decline. However, after dropping to $0.48, it entered a consolidation phase with low volatility and formed an ascending flag pattern, now testing its lower limit.
Currently, XRP confronts two critical support levels: the minor $0.48 support and the flag’s lower trendline. If the price drops below the lower trendline, Ripple’s primary support in the 4-hour timeframe will be the minor $0.48 zone. Conversely, if Ripple experiences another substantial surge and breaks through the $0.58 resistance level, it may trigger an extended bullish rally toward the $0.63 zone.
