As an analyst, I find myself observing Ripple‘s current consolidation within the $2-$3 range, which suggests market uncertainty. A decisive move above the $3 mark could signal the commencement of a robust bullish phase. The future trend for Ripple is contingent on the direction in which this range eventually breaks out.

XRP Price Analysis

By Shayan

The Daily Chart

As I’ve been unable to break through the crucial $3 resistance, XRP appears to be in a consolidation phase, hovering between the significant levels of $2 and $3. In this period, the currency has formed a sideways wedge pattern, with price movements indicating potential for an upward breakout. Lately, I’ve found support at the lower boundary of the wedge around $2, followed by a promising uptick moving towards the upper trendline close to $2.3.

If we see a surge beyond the upper limit of the wedge, it might indicate a continuation of the bullish trend, possibly pushing XRP towards the $3 mark. On the other hand, if there’s a reversal at this level, it’s likely that the consolidation phase will continue for a while in the immediate future.

The 4-Hour Chart

On the 4-hour chart, there’s a robust support area identified by the 0.5 Fibonacci level (around $2) and the 0.618 Fibonacci level (approximately $1.9). This region has frequently functioned as a major safeguard for buyers, warding off substantial price drops by halting them effectively.

Lately, XRP bounced back, leading to a surge of purchasing interest and setting off a potentially optimistic turnaround.

As an analyst, I’m observing that, despite the recent recovery, the altcoin is still stuck within a narrow band of $2 to $3. Attempts by buyers to drive the price towards the upper limit are evident, but a genuine breakout is essential to predict its next significant move. Until this breakout materializes, I anticipate increased volatility and continued consolidation in the market.

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2025-01-05 15:04