Following a significant drop to the crucial support region of $0.43, Ripple encountered increased buying pressure and saw a substantial surge, pushing the price back above the 100 and 200-day moving averages.
This recent action has left market participants uncertain about XRP’s overall direction, with the upcoming movements likely providing clarity.
XRP Analysis
By Shayan
The Daily Chart
An in-depth look at Ripple’s daily chart shows that after a sharp decline below the 100 and 200-day moving averages, the price hit a significant support region at $0.43, creating a state of fear in the market.
However, this level attracted substantial buying interest, leading to a bullish rebound and completing a pullback to the multi-month descending channel’s broken upper boundary. Additionally, XRP managed to reclaim the critical 100 and 200-day moving averages, signaling a potential bullish trend.
Currently, Ripple is confined within a decisive price range, with major support at the 200-day moving average around $0.54 and significant resistance at $0.64. A breakout from this range will likely determine the next move.
The 4-Hour Chart
On the 4-hour chart, Ripple encountered strong selling pressure near the crucial resistance at $0.64, resulting in a sharp decline toward the significant support zone defined by the 0.5 ($0.52) and 0.618 ($0.48) Fibonacci levels.
As anticipated, buying pressure emerged at this critical support, driving the price back up toward the major resistance of $0.64. XRP now remains within a key range, with resistance at $0.64 and support at $0.55.
A breakout from this range will likely set the direction for the next significant price move. Given the recent price action, the market turmoil may be viewed as a temporary correction, with the potential for a fresh surge to reclaim the $0.64 resistance area.
