Ripple went through a considerable increase, but its upward trend slowed down upon reaching the critical resistance level of $0.58. Nevertheless, it appears to have a bullish perspective on the weekly timeframe.
Technical Analysis
By Shayan
The Weekly Chart
After a significant spike, XRP has successfully broken through the multi-year descending trendline, a key level on the weekly timeframe, providing a positive market sentiment.
However, the price now faces two substantial barriers: the $0.53-$0.58 range and the 100-week moving average positioned at $0.63.
If XRP manages to surpass the $0.53-$0.58 zone, a rally toward the 100-week moving average becomes likely. Conversely, if the price fails to break above this range, the descending trendline will serve as Ripple’s primary support level.
The 4-Hour Chart
XRP’s price attempted to break the $0.58 level but was met with resistance, resulting in a reversal and a steady decline. However, after falling to $0.48, it entered a consolidation phase with low volatility.
During this period, the price formed an ascending flag pattern and is currently testing the lower threshold. Presently, XRP faces two crucial support levels: the $0.48 minor support and the flag’s lower trendline.
In summary, if the price drops below the lower trendline, the minor $0.48 zone will become Ripple’s primary support in the 4-hour timeframe. Conversely, if Ripple can achieve another significant surge and break past the $0.58 resistance level, it could trigger an extended bullish rally toward the $0.63 zone.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link
