skip to Main Content
bitcoin
Bitcoin (BTC) $ 84,629.67 0.72%
ethereum
Ethereum (ETH) $ 1,864.17 2.65%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.09 2.41%
bnb
BNB (BNB) $ 598.62 1.87%
solana
Solana (SOL) $ 125.11 1.03%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.168969 2.40%
cardano
Cardano (ADA) $ 0.667646 2.11%
tron
TRON (TRX) $ 0.237166 0.18%
bitcoin
Bitcoin (BTC) $ 84,629.67 0.72%
ethereum
Ethereum (ETH) $ 1,864.17 2.65%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.09 2.41%
bnb
BNB (BNB) $ 598.62 1.87%
solana
Solana (SOL) $ 125.11 1.03%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.168969 2.40%
cardano
Cardano (ADA) $ 0.667646 2.11%
tron
TRON (TRX) $ 0.237166 0.18%

Ripple Price Analysis: Is XRP on the Verge of Exploding to $0.68?

Although Ripple’s bullish momentum may have temporarily slowed down, recent price action hints that this might be about to change.

Nevertheless, it’s important to take a look at a few technical indicators to try and understand whether a correction is brewing or if XRP is on the verge of its next impulsive rally.

XRP Analysis

By Shayan

The Daily Chart

An in-depth examination of the daily chart reveals that after completing a pullback to the broken 200-day moving average at $0.54, Ripple found sufficient buying pressure, leading to a rally toward the critical $0.64 resistance. This crucial mark aligns with the price’s prior major swing high, serving as a significant barrier to buyers.

If the bulls manage to breach this pivot, continuing the positive trend toward the $0.7440 yearly high will become imminent, with Ripple buyers aiming to mark a new high.

However, considering the potential supply near this juncture and the slight bearish divergence between the price and the RSI indicator, a temporary corrective retracement stage is still on the table, with the price potentially consolidating within the $0.55-$0.64 significant range.

xrp_price_chart_2907241
Source: TradingView

The 4-Hour Chart

Analyzing the 4-hour chart, it is evident that Ripple’s bullish momentum was met with notable selling pressure upon reaching the crucial $0.64 resistance region, leading to upward consolidation and forming an ascending wedge pattern.

The price is now at the narrowest range of the wedge pattern, with a breakout imminent.

Nevertheless, considering the bearish divergence between the price and the RSI indicator on the 4-hour timeframe and the potential supply near the $0.64 mark, a slight rejection followed by a short-term consolidation correction stage seems more plausible. If the price breaches the wedge’s lower boundary, a plummet toward the $0.55 threshold will be possible.

Yet, in the case of a more sustained corrective stage, the following potential targets for Ripple will be the 0.5 ($0.5) and 0.618 ($0.47) Fibonacci levels.

xrp_price_chart_2907242
Source: TradingView

The post Ripple Price Analysis: Is XRP on the Verge of Exploding to $0.68? appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top