cryptopotato.com
Ripple has recently experienced a resurgence of buying pressure around the crucial $0.5 support region, resulting in a strong price spike and reclaiming significant 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
On the daily chart, the $0.5 zone has been a critical support for XRP over the past months. The recent influx of buying momentum pushed the asset above the 100-day moving average ($0.55) and 200-day moving average ($0.53). Breaking above these moving averages indicates a shift in sentiment, as buyers now hold a stronger position in the market.
However, RP is currently trading within an expanding wedge pattern and is bounded by the $0.55 and $0.66 thresholds. A short-term consolidation within this range is expected for the mid-term, with a likely continuation of the uptrend aiming toward the $0.66 resistance level.
The 4-Hour Chart
Zooming into the 4-hour chart, Ripple experienced significant demand around the $0.5 support range, which aligns with the 0.5 and 0.618 Fibonacci retracement levels.
The bullish divergence seen between the price and the Relative Strength Index (RSI) confirmed the accumulation phase, resulting in a decisive breakout above both the descending wedge’s upper boundary and the $0.55 threshold. This breakout and the wedge’s pattern signal a bullish reversal in the mid-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.