As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have witnessed numerous price movements and trends throughout my career. The recent surge in XRP‘s price has caught my attention due to its significant breakthrough of multiple key resistance levels.
As a crypto investor in XRP, I’ve witnessed an exhilarating price surge fueled by heightened buying demand near the pivotal $0.43 support level. Consequently, XRP’s price has shattered several significant resistance thresholds, such as the 100-day 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
A detailed analysis of the day’s price chart reveals that Ripple underwent a marked increase in purchasing activity around the crucial $0.43 support level, resulting in a steep price surge.
XRP’s robust surge enabled it to shatter a prolonged downward trendline, exceeding various hurdles such as the 100-day average ($0.50) and 200-day average ($0.54), in addition to the pivotal $0.55 fixed resistance mark.
As an analyst, I’ve noticed a significant change in market sentiment towards XRP based on its price action. Buyers have retaken control, leading to a bullish outlook. Currently, XRP finds itself in a pivotal zone, where $0.55 serves as a strong support level and $0.65 represents a critical resistance point. In the near future, I anticipate XRP to trade within this range, undergoing consolidation. A brief correction towards the 200-day moving average is expected, aiming to complete a pullback and retest the broken level.
The 4-Hour Chart
On the 4-hour timeframe, there’s a noticeable bullish turnaround happening. The price has surpassed the prolonged downward trendline, indicating a potential shift in market direction.
As a crypto investor, I’ve noticed an surge in demand following the recent breakout, propelling XRP above the significant resistance level of $0.57. Currently, my focus is on the potential target at $0.65 – a price point that aligns with XRP’s previous major daily swing high. However, I must be cautious as this range may be filled with supply and selling pressure, increasing the likelihood of a short-term rejection.
Despite the sudden increase in price, it’s plausible that we could experience a brief correction. The value might retreat to the $0.49 or $0.47 mark, which correspond to the 50% and 61.8% Fibonacci levels respectively, before rebounding from this previous breakthrough.
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2024-07-17 19:22