XRP Unable to Break Out Despite Recent Push to $0.63, What’s Next? (Ripple Price Analysis)

After a notable surge, Ripple’s price has successfully broken above the upper trendline of a multi-month triangle pattern, indicating a bullish signal. However, the recent retracement suggests a potential pullback to the broken level.

By Shayan

The Daily Chart

A detailed analysis of the daily chart highlights Ripple’s surge as it surpassed a crucial resistance area represented by the dynamic upper boundary of the triangle pattern, reaching a significant resistance level at $0.74. This breakout underscores the presence of buyers in the market.

However, the price encountered a notable rejection near the $0.74 resistance, leading to a consolidation correction stage toward the triangle’s broken threshold. Many participants view this retracement as a temporary pullback to the triangle’s upper boundary. Should the price complete this pullback, Ripple is expected to initiate a fresh rally, targeting a new yearly high above $0.74.

Nevertheless, Ripple’s price appears to be confined within a critical range, delineated by the $0.74 crucial resistance and the $0.56 significant support region in the mid term until a breakout occurs.

Source: TradingView

The 4-Hour Chart

A closer examination of the 4-hour chart reveals a significant rejection following a surge towards the $0.74 region, resulting in a noteworthy 23% decline in Ripple’s price. However, the cryptocurrency found support upon reaching the crucial $0.56 price region, potentially halting the recent downward correction.

Nonetheless, Ripple’s price is expected to remain within the substantial $0.57 support region and the notable $0.74 resistance level, implying the possibility of prolonged consolidation within this pivotal range until a breakout occurs. A breach above the $0.74 threshold would shift focus toward the $0.80 resistance level as the next focal point for Ripple’s price trajectory.

Source: TradingView

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

About The Author

Scroll to Top