As a crypto investor, I’ve noticed an uptick in buying activity surrounding the vital $0.5 support for Ripple lately. This surge has fueled a robust price jump, allowing us to reclaim crucial resistance levels.
This renewed buying activity suggests an uptrend in the mid-term, with a potential target of the $0.66 resistance.
XRP Analysis
By Shayan
The Daily Chart
For several months, the $0.5 area has served as a significant support for XRP on the daily chart. The surge of buying energy has propelled the asset beyond its 100-day and 200-day moving averages, which stand at $0.55 and $0.53 respectively. Crossing above these moving averages suggests a change in investor sentiment, as buyers now exert more control over the market.
At present, RP’s trading activity falls within an expanding wedge shape, defined by the lower boundary at around $0.55 and the upper boundary at approximately $0.66. In the short term, it is anticipated that RP will experience a period of consolidation within this range. For the mid-term, there’s a likelihood of the uptrend resuming, targeting the $0.66 resistance level as its potential endpoint.
The 4-Hour Chart
Looking closely at the 4-hour timeframe, there was a notable surge in demand for Ripple within the vicinity of the $0.5 price point. This trend coincides with the 0.5 Fibonacci retracement level and extends slightly to the 0.618 level as well.
The increase in price compared to the Relative Strength Index (RSI) suggested a period of buying, or accumulation. This was confirmed when the price broke through both the upper limit of a descending trend line and the $0.55 mark. This breakout and the pattern of the descending wedge indicate a likely reversal to a bullish trend in the short to medium term.
Ripple is now trading within a $0.55-$0.66 range, and a period of consolidation within this range is likely before a continued bullish move. As long as buying momentum persists and consolidation remains healthy, XRP’s price could approach and potentially test the $0.66 resistance in the mid-term.
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2024-11-11 15:34