These 2 Critical Levels Will Determine XRP’s Short-Term Direction (Ripple Price Analysis)

Read full article at CryptoPotato.

Ripple’s future prospects appear optimistic as the price has broken above a triangle pattern that spanned multiple months and surpassed the 200-day moving average.

After forming a valid pullback, the cryptocurrency is now trending upwards. However, to generate sufficient demand in the market, the price still needs to overcome the resistance region around $0.56.

Technical Analysis

By Shayan

The Daily Chart

XRP retraced to the $0.41 level and the 200-day moving average before resuming its upward rally. Interestingly, during the pullback phase, Ripple formed a descending flag pattern, which is a well-known continuation correction pattern. The price is now on the verge of breaking above the upper trendline of this flag pattern.

The recent movements indicate that buyers are striving to breach the critical zone of $0.56. If successful, XRP would be more likely to embark on a long-term bullish rally accompanied by short-term correction phases.

Source: TradingView

The 4-Hour Chart

Shifting the focus to the 4-hour chart, Ripple underwent a consolidation correction phase, finding support at the significant $0.42 region. Subsequently, the price initiated a rally toward the mid-trendline of the ascending channel.

A significant resistance area is situated at $0.48, encompassing the mid boundary of the ascending channel, aligning with the upper trendline of the descending flag pattern. This serves as the primary barrier at the moment.

If the price manages to overcome this resistance, it will likely aim for the channel’s upper boundary at approximately $0.6.

xrp price chart 2505232
Source: TradingView

The post These 2 Critical Levels Will Determine XRP’s Short-Term Direction (Ripple Price Analysis) appeared first on CryptoPotato.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

On-chain privacy is key to the wider mass adoption of crypto

Read full article at Cointelegraph.com News.Innovations in the crypto space appear daily. Whether through decentralized applications or new […]

Learn More

3 Best New Crypto Pairs Launching on DEXs This Week & Month

Read full article at newsbtc.Numerous coins are constantly added to blockchain and crypto exchanges. But many projects lack […]

Learn More

Indonesian Govt To Launch Crypto Exchange to Get a Piece of Crypto Pie

Read full article at Crypto News.The Indonesian deputy minister of trade Jerry Sambuaga has announced that his ministry will launch its […]

Learn More
LinkedIn
LinkedIn