- Ripple bounced back from key support between $0.53 and $0.55.
- XRP faces strong resistance at $0.64, testing the bullish momentum.
- A breakout above $0.64 could trigger further gains; failure risks a pullback.
Ripple (XRP) recently bounced back from crucial support levels. This strong rebound suggests the asset might target $0.64. But what do the charts reveal about Ripple’s next steps?
Daily Chart Analysis
Ripple found solid support between the 100-day moving average at $0.53 and the 200-day average at $0.55. This support zone attracted significant buying pressure, leading to a notable recovery.
Now, XRP is approaching the key resistance level of $0.64. This level has been a tough barrier for Ripple in the past and could slow the current bullish trend. If Ripple fails to break through $0.64, sellers might regain control. This scenario could lead to a drop back to the $0.55 support.
Conversely, a successful breakout above $0.64 might indicate further bullish momentum and a shift in market sentiment.
4-Hour Chart Insights
Looking at the 4-hour chart, Ripple recently found support around the 0.5 ($0.52) and 0.618 ($0.48) Fibonacci retracement levels. This support, along with the lower boundary of a descending flag pattern, ended the previous bearish trend and sparked a strong upward move.
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XRP is now climbing towards the upper boundary of the flag pattern at $0.62. A breakout above this level could signal continued bullish momentum. However, if Ripple fails to surpass $0.62, it might face a bearish pullback. This could see the price retreating to the flag’s lower trendline, near the critical $0.53 support.
Ripple’s recent rebound from key support levels points to a potential move towards $0.64. Traders should watch closely for any resistance at this level. The coming days will be crucial in determining if XRP’s upward trend will continue or pull back.
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