XRP Technical Analysis: What to Expect Next
Are you wondering what the future holds for XRP? Dive into the technical analysis to gain insight into possible price movements and key levels to watch for!
The Daily Chart 📈
When analyzing the daily chart of XRP, it becomes apparent that the digital asset recently experienced a pullback to the 200-day moving average at $0.54, followed by a rally towards the critical $0.64 resistance level. This key level coincides with a previous major high, representing a significant hurdle for buyers.
- If buyers succeed in breaking above this resistance, a move towards the yearly high of $0.7440 could be in the cards, potentially setting a new high for Ripple.
- However, with potential supply around this area and a slight bearish divergence between the price and the RSI indicator, a temporary correction phase could still be on the horizon, with a range between $0.55 and $0.64 likely for consolidation.
The 4-Hour Chart 🕒
Turning to the 4-hour chart, XRP’s bullish momentum encountered resistance at $0.64, leading to consolidation and the formation of an ascending wedge pattern.
- The price is currently at the narrowest point of the wedge, hinting at an impending breakout.
- However, considering the bearish divergence on the RSI and potential selling pressure near $0.64, a minor rejection followed by a consolidation phase seems probable. Breaking below the lower boundary of the wedge could lead to a drop towards $0.55.
- In the event of a more prolonged correction, key Fibonacci levels at $0.5 and $0.47 will be important targets for XRP.
Hot Take: 🔥 What’s Next for XRP?
As XRP navigates key resistance levels and potential correction phases, the next moves for the digital asset remain uncertain. Stay tuned for further developments to gauge the direction of Ripple’s price action!
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