Ripple It recently faced rejection at the key resistance level of $0.64, which caused the price to drop towards the lower end of its current range and align closely with the 200-day moving average at $0.55. Despite this pullback, the price is likely to stage a modest recovery by maintaining its sideways consolidation within this range.
XRP Chart Analysis
A closer look at the daily chart Ripple’s It appears to have encountered strong selling pressure at the $0.64 resistance level, leading to a significant decline. The price has now pulled back to the lower end of the trading range, coinciding with the critical 200-day moving average at $0.55. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Price and daily time frame RSI The bearish divergence observed between the indicator underscores the weakening bullish momentum and suggests that sellers are attempting to push the asset below this key moving average. However, XRP is likely to see a slight recovery at this level due to potential demand, which could lead to continued sideways consolidation in the near-term. If the $0.55 support is unexpectedly broken, further declines towards the $0.53 level could quickly follow.
XRP 4-Hour Chart Analysis
On the 4-hour chart Ripple’s The price action confirms rejection from the $0.64 resistance area and the price is moving back towards the critical $0.55 support level. This area has historically provided strong support and is likely to attract buying interest, potentially stalling further declines. As a result, Ripple could find short-term support here and spark a rally back towards the upper end of its $0.64 range.
In general, XRP is expected to remain in the range of $0.55 – $0.64, where sideways price action is dominant. However, if the $0.55 support fails, a continuation of the downtrend could drop the price to the critical support zone between $0.52 (0.5 Fibonacci level) and $0.48 (0.618 Fibonacci level).
Besides all these technical developments Ripple Labs Developments on the front may continue to be important factors for the XRP price. In particular, the end of the legal battle with the SEC and the company’s implementation of a stablecoin project will positively affect the XRP price.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
