XRP Consolidates at $0.50, Is Another Rally in the Making? (Ripple Price Analysis)
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.
Technical Analysis
By Shayan
The Daily Chart
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.
The 4-Hour Chart
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.
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Filed under: Bitcoin - @ April 9, 2023 1:57 pm