As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The current trend in Ripple (XRP) is one that intrigues me, given its recent recovery from a key support zone defined by the 100-day and 200-day moving averages.
Ripple has received robust backing at a crucial price zone, marked by its 100-day and 200-day moving averages, leading to a substantial upward surge in its price.
Yet, it’s expected that the value of this asset will likely keep climbing towards the significant resistance point at $0.64. At this level, some temporary selling pressure might momentarily halt its upward trend.
XRP Analysis
By Shayan
The Daily Chart
A closer examination of Ripple’s daily chart shows that it experienced significant buying interest near a crucial support area where the 100-day average ($0.53) and 200-day average ($0.55) intersect. This boost in demand sparked a substantial price increase from the $0.53-$0.55 range, propelling XRP upward. Currently, the price is moving towards a significant resistance point at $0.64, an area that has been difficult for Ripple buyers to break through in the past few months.
If sellers reassert control at this level, the asset could reverse and decline back to the $0.55 support area. On the other hand, if buyers manage to break through this resistance, a bullish continuation and a shift in market sentiment are likely.
The 4-Hour Chart
On the 4-hour chart, Ripple encountered robust support at the 0.5 ($0.52) and 0.618 ($0.48) Fibonacci retracement points, as well as the base of a descending pennant formation. This key area halted the downward trend and sparked a significant bullish turnaround.
Ripple is currently ascending towards the top limit of the flag around $0.62, an important point in this chart formation. This downward-sloping flag shape is often recognized as a bullish trend continuation if it’s broken at the top edge.
If the price breaks above $0.62, further bullish momentum is likely. Conversely, failure to overcome this resistance could result in a bearish pullback, with the price potentially falling back toward the flag’s lower trendline around the crucial $0.53 support.
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2024-09-15 20:40