As a seasoned researcher with years of experience navigating the crypto markets, I can confidently say that Ripple’s current predicament is reminiscent of a game of ping-pong within its tight range of $0.55 to $0.64. The recent rejection at the critical $0.64 resistance level was a familiar sight, much like a well-timed smash that sent the ball hurtling back towards my side.
Over the past period, Ripple‘s value has stayed between approximately $0.55 and $0.63. Lately, there’s been a notable pushback at the crucial $0.64 resistance point, causing the price to retreat back towards the lower end of this range.
Regardless of the recent dip, it’s expected that the value of this asset will stay within this range for a while, moving sideways rather than up or down, before a significant shift (breakout) takes place.
XRP Analysis
By Shayan
The Daily Chart
As I delve into the day-to-day fluctuations of Ripple’s price chart, it’s evident that the digital currency has been moving within a pivotal band, with the $0.64 mark serving as a stiff resistance and the $0.55 level acting as a strong support. Lately, there appears to be an escalated selling pressure at the upper limit of this range, around the $0.64 resistance, causing a notable rejection.
As a result, the value of the asset has moved closer to the lower limit of its range, coinciding with the 200-day moving average at $0.55, creating a robust support level. Considering the present market scenario, Ripple might continue in a stable phase within this range until a significant breakout takes place. If a bearish breakout occurs, there’s a high chance it will dip towards the $0.50 level.
The 4-Hour Chart
On a 4-hour scale, Ripple’s price movement demonstrates a clear refusal at the resistance level of approximately $0.64. This level, marked by intense selling pressure, has historically proven resistant. This refusal has subsequently triggered a downward trend, leading Ripple to a significant support region around $0.55.
Currently, Ripple is consolidating within the $0.55-$0.64 range, with the price nearing a potential breach of the lower boundary. Should this breach occur, a bearish continuation toward the crucial support region, marked by the 0.5 ($0.52) to 0.618 ($0.48) Fibonacci levels, is likely. Conversely, a bullish reversal targeting the range’s upper boundary at $0.64 could unfold if buying pressure emerges.
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2024-08-28 14:56