After some stability between $0.46 and $0.50 for a while, Ripple‘s price gained strength from underlying buying interest, leading to an upward price swing.
XRP is now moving back toward its previous trendline and the 100-day and 200-day moving averages. This could be an indication that XRP may experience a reversal or downturn.
Ripple Price Analysis: Technicals
By Shayan
The Daily Chart
An in-depth examination of the daily price chart indicates that after a pause in trading around the important mark of $0.45, market bulls took charge, leading to an uptrend. Nevertheless, Ripple’s advance is met with considerable obstacles. Two major hurdles stand out: the broken ascending trendline at $0.55 and the 100-day and 200-day moving averages hovering around $0.59.
In spite of the obstacles, it appears that the XRP price will probably carry on climbing back up towards these vital resistance points, possibly ending a correction. If this occurs, the immediate outlook could entail another decline towards the important support area at $0.45.
The 4-Hour Chart
Taking a closer look at the 4-hour chart, we notice that after a significant drop, Ripple found support around $0.50, causing a phase of sideways movement. Later on, the price gained strength and moved upward, aiming for a notable resistance area defined by the Fibonacci levels between $0.5310 and $0.5574.
If XRP experiences significant selling and the current important level is broken, it could indicate that the initial downtrend will continue, possibly causing the price to fall below the significant resistance of $0.50. On the other hand, if buyers successfully regain control of this pivotal resistance, XRP’s next objective would be to overcome the critical resistance at $0.58.
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2024-04-22 13:00