top partner

for CFD

Ripple went through a considerable increase, but its upward trend slowed down upon reaching the critical resistance level of $0.58. Nevertheless, it appears to have a bullish perspective on the weekly timeframe.

Technical Analysis

By Shayan

The Weekly Chart

After a significant spike, XRP has successfully broken through the multi-year descending trendline, a key level on the weekly timeframe, providing a positive market sentiment.

However, the price now faces two substantial barriers: the $0.53-$0.58 range and the 100-week moving average positioned at $0.63.

If XRP manages to surpass the $0.53-$0.58 zone, a rally toward the 100-week moving average becomes likely. Conversely, if the price fails to break above this range, the descending trendline will serve as Ripple’s primary support level.

Source: TradingView

The 4-Hour Chart

XRP’s price attempted to break the $0.58 level but was met with resistance, resulting in a reversal and a steady decline. However, after falling to $0.48, it entered a consolidation phase with low volatility.

During this period, the price formed an ascending flag pattern and is currently testing the lower threshold. Presently, XRP faces two crucial support levels: the $0.48 minor support and the flag’s lower trendline.

In summary, if the price drops below the lower trendline, the minor $0.48 zone will become Ripple’s primary support in the 4-hour timeframe. Conversely, if Ripple can achieve another significant surge and break past the $0.58 resistance level, it could trigger an extended bullish rally toward the $0.63 zone.

Source: TradingView

The post Here’s How Low XRP Can Go if $0.5 Fails to Hold (Ripple Price Analysis) appeared first on CryptoPotato.

Read the full story: Read More“>

Blog powered by G6

Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.

For any inquiries, please contact [email protected]