- 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.
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.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
