Ripple’s recent market behavior suggests uncertainty among traders, with the price moving sideways within a narrow range, reflecting a lack of clear momentum.
A breakout is essential for XRP to establish a definitive trend.
XRP Analysis
By Shayan
The Daily Chart
A closer look at the daily chart shows Ripple’s price trapped in a prolonged period of sideways trading, marked by minimal volatility and unclear momentum. The price fluctuates within a tight range, bounded by key resistance at $0.55 and major support at $0.47.
Recently, the asset encountered notable volatility near the upper boundary, leading to liquidation events in both directions. However, XRP failed to overcome the upward resistance and stayed within its familiar region.
Currently, Ripple is contending with a significant resistance zone, which includes the range’s upper limit and the 200-day moving average. If buyers can push through this critical area, a sustained bullish trend could emerge. However, given the prevailing supply at this level and the absence of strong bullish momentum, a rejection seems more likely in the short term.
The 4-Hour Chart
The 4-hour chart highlights Ripple’s price oscillating within an ascending wedge pattern for nearly three months, with a substantial resistance level repeatedly thwarting upward movements. This key resistance includes the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci retracement levels, which are areas of significant supply and selling pressure.
Recently, the asset has reached this critical juncture, experiencing increased volatility and rejections. If buyers manage to overcome this crucial resistance, a new bullish rally could target the wedge’s upper boundary at $0.58.
However, a more likely scenario involves a bearish rejection at this level, potentially triggering another decline towards the wedge’s lower boundary. In summary, the market remains uncertain, with a breakout necessary to determine Ripple’s future direction.
The post Calm Before The Storm? XRP’s Price Stagnates But Certain Worrying Factors Emerge: Ripple Price Analysis appeared first on CryptoPotato.
