The post Will The $0.55 Support Level Hold After XRP Was Rejected at $0.6? appeared on BitcoinEthereumNews.com.

Ripple has been trading within a tight range of $0.55 to $0.63, with the price recently facing a significant rejection near the critical $0.64 resistance level, retracing toward the range’s lower boundary. Despite this pullback, the asset is anticipated to undergo a period of sideways consolidation within this range until a breakout occurs. XRP Analysis By Shayan The Daily Chart A detailed examination of the daily chart reveals that Ripple has been confined within a crucial range, bounded by the $0.64 resistance and the $0.55 support level. Recently, it encountered increased selling pressure near the range’s upper boundary at the critical $0.64 resistance, resulting in a significant rejection. Consequently, the asset has retraced towards the lower boundary of the range, which aligns with the 200-day moving average at $0.55, forming a strong support barrier. Given the current market conditions, Ripple is expected to experience sideways consolidation within this range until a decisive breakout occurs. A cascade towards the $0.50 threshold becomes highly likely if a bearish breakout happens. The 4-Hour Chart On the 4-hour chart, Ripple’s price action shows a clear rejection from the resistance zone at $0.64, a level that has consistently acted as a formidable barrier due to heightened selling pressure. This rejection has resulted in a downtrend, bringing the asset to a crucial support area of around $0.55. Currently, Ripple is consolidating within the $0.55-$0.64 range, with the price nearing a potential breach of the lower boundary. Should this breach occur, a bearish continuation toward the crucial support region, marked by the 0.5 ($0.52) to 0.618 ($0.48) Fibonacci levels, is likely. Conversely, a bullish reversal targeting the range’s upper boundary at $0.64 could unfold if buying pressure emerges. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600…

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Filed under: News - @ August 28, 2024 12:27 pm