Ripple’s price was rejected after attempting to reclaim the significant resistance region of $0.55 and is currently consolidating. However, it faces a crucial support zone, and the upcoming action will determine Ripple’s short-term outlook.
By Shayan
After a sudden increase in value, the cryptocurrency’s price successfully surpassed several significant barriers, creating a positive outlook for the future. However, the upward momentum slowed when it reached the notable resistance area of $0.55, causing a minor decrease.
Although this decrease could be considered a brief correction before XRP continues to climb beyond the mentioned resistance zone, it’s essential to note that the range between $0.47 and $0.4436 (0.5 and 0.618 levels of Fibonacci retracement) plays a critical role in supporting the price in case of a sudden drop.
As shown in the chart, Ripple experienced a sudden surge, broke out of the descending price channel, and underwent a short-term correction phase, forming a symmetrical triangle pattern.
Subsequently, XRP resumed its upward trend by breaking through the triangle’s upper boundary with a powerful surge. Nevertheless, the rally ended when the price reached the crucial resistance zone of $0.55, resulting in another correction stage where the cryptocurrency formed a descending flag.
In summary, if the price successfully surpasses the flag pattern and claims the $0.55 resistance level, it may trigger a significant surge. However, if there’s a rejection, the minor $0.48 zone will act as Ripple’s primary support in the 4-hour timeframe.
The post XRP Consolidates at $0.50, Is Another Rally in the Making? (Ripple Price Analysis) appeared first on CryptoPotato.
—
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]
