According to CryptoPotato, Ripple experienced a significant price drop to the crucial support level of $0.43, which subsequently attracted substantial buying pressure. This surge pushed the price back above the 100 and 200-day moving averages, leaving market participants uncertain about XRP's future direction. The upcoming movements are expected to provide more clarity on the trend.
An analysis of Ripple's daily chart reveals that after falling below the 100 and 200-day moving averages, the price reached a significant support region at $0.43, causing market fear. However, this level saw considerable buying interest, leading to a bullish rebound and a pullback to the broken upper boundary of a multi-month descending channel. XRP managed to reclaim the critical 100 and 200-day moving averages, indicating a potential bullish trend. Currently, Ripple is within a decisive price range, with major support at the 200-day moving average around $0.54 and significant resistance at $0.64. A breakout from this range will likely determine the next move.
On the 4-hour chart, Ripple faced strong selling pressure near the crucial resistance at $0.64, resulting in a sharp decline toward the significant support zone defined by the 0.5 ($0.52) and 0.618 ($0.48) Fibonacci levels. As expected, buying pressure emerged at this critical support, driving the price back up toward the major resistance of $0.64. XRP now remains within a key range, with resistance at $0.64 and support at $0.55. A breakout from this range will likely set the direction for the next significant price move. Given the recent price action, the market turmoil may be viewed as a temporary correction, with the potential for a fresh surge to reclaim the $0.64 resistance area.
