All Eyes on $0.48 for XRP as Bulls Lose Momentum (Ripple Price Analysis)
Ripple attempted to exceed the significant resistance region of $0.58 but was rejected, leading to a slight decline. However, there is a decisive support zone ahead at the $0.48 area, and the upcoming price action will determine the short-term outlook.
Technical Analysis
By Shayan
The Daily Chart
Following a sharp surge in value, XRP has broken through several significant barriers, strengthening its outlook. However, the price’s upward momentum lost steam when it encountered the notable resistance level of $0.58, causing a dip.
Although this drop could be interpreted as a brief correction before the price continues its climb beyond the mentioned resistance level, it’s crucial to highlight that the price range between $0.47 and $0.4436 (which corresponds to the 0.5 and 0.618 levels of fib retracement) serves a crucial role in the event of a sudden decline.
The 4-Hour Chart
Based on the chart, XRP experienced a sudden surge but was unable to pass the $0.58 price level, leading to a short period of consolidation with no clear direction. Ultimately, the price now confronts two critical levels between the $0.48 support and $0.58 resistance zones.
In summary, if it manages to make another significant surge and surpasses the $0.58 resistance level, it could trigger an extended bullish rally. However, if there is a rejection, the minor $0.48 zone will act as the primary support for XRP in the 4-hour timeframe.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link
Comments are closed.