Exploring Ripple Price Analysis: Technicals
Dear Crypto Enthusiast,
Daily Chart Examination ๐
Upon closer inspection of the daily chart for XRP, one can observe heightened selling pressure leading to a significant drop below the long-standing ascending trendline.
- Buyers stepped in at the $0.45 mark, sparking a bullish rally towards the previously breached trendline at $0.56, potentially completing a pullback.
- However, recent price movements indicate a lack of clarity and direction in the market, with Ripple likely to consolidate between the critical support level at $0.45 and the key resistance at $0.59.
- As a result, XRP is expected to trade within this range in the medium term until a breakout occurs.
4-Hour Chart Analysis โ
A more detailed analysis of the 4-hour chart shows that after finding support around $0.49, XRP experienced a bullish retracement towards a significant resistance zone defined by the Fibonacci levels between 0.5 ($0.5310) and 0.618 ($0.5574).
- Recent price fluctuations have led to the formation of an ascending wedge pattern, typically signaling a potential bearish retracement if breached from the lower boundary.
- Currently, XRP is facing strong selling pressure near the Fibonacci levels, hinting at a possible return to bearish territory.
- If the cryptocurrency breaks below the lower boundary of the wedge, a sustained bearish movement could target the $0.48 level in the short term.
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