Following an impulsive surge driven by increased buying pressure near the crucial $0.43 support, XRP’s price has broken through multiple key resistance levels, including the 100 and 200-day moving averages.
The market sentiment has shifted bullish, with buyers targeting the critical $0.65 threshold.
XRP Price Analysis
By Shayan
The Daily Chart
An in-depth examination of the daily chart shows that after a significant uptick in buying interest near the key $0.43 support region, Ripple experienced a sharp price spike.
This surge allowed XRP to break out of a multi-month descending channel, surpassing several resistance zones, including the 100-day ($0.50) and 200-day ($0.54) moving averages and the crucial $0.55 static resistance level.
This price action indicates a clear shift in market sentiment towards a bullish outlook, with buyers regaining control. Currently, XRP is within a critical price range, defined by the $0.55 significant support and the $0.65 critical resistance regions, and is expected to consolidate within this range in the short term. A temporary retracement towards the 200-day MA is anticipated, aiming to complete a pullback to the broken level.
The 4-Hour Chart
The 4-hour chart reveals a clear bullish reversal, with the price breaking above the multi-month descending trendline.
This breakout has sparked renewed demand, pushing the price past the crucial $0.57 resistance region. Presently, XRP is targeting the $0.65 area, which aligns with its previous major daily swing high. This range is likely filled with supply and selling pressure, posing a short-term rejection risk.
However, given the impulsive nature of this surge, a short-term period of consolidation correction is possible. The price may retrace back toward the $0.49 (0.5 Fibonacci level) to the $0.47 (0.618 Fibonacci level) range to complete a pullback to the broken level.
Source: www.cryptopotato.com