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.
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.
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Cryptocurrency charts by TradingView.
