XRP Aims for $0.60 as Optimism Grows Among Traders

Following a robust bullish rebound, Ripple’s price climbed to the $0.60 level. However, it has since entered into a brief consolidation period, which could set the stage for additional upward movement towards the crucial $0.64 resistance.

By Shayan

The Daily Chart

A detailed examination of Ripple’s daily chart indicates that after a rise in demand around the pivotal 100-day ($0.53) and 200-day ($0.55) moving averages, buying pressure surged, resulting in a significant price increase toward the $0.60 threshold.

While Ripple’s upward momentum has temporarily slowed, the price has now entered a short-term consolidation phase at this level. This consolidation is likely to precede a continuation of the bullish trend, with XRP eyeing the essential $0.64 resistance zone, which has persistently posed challenges to buyers in recent months.

If sellers reclaim this resistance, XRP’s price could see a reversal, potentially slipping back toward the $0.55 support level. Conversely, if buyers successfully breach the $0.64 resistance, the bullish trend is anticipated to maintain its course, indicating a shift in market sentiment.

The 4-Hour Chart

On the 4-hour chart, XRP experienced heightened buying interest at the 0.5 Fibonacci retracement level ($0.52), which corresponds with the lower boundary of a descending flag pattern. This sparked a strong bullish reversal, driving the price up to the flag’s upper boundary at $0.62, a significant resistance level within this formation.

If the cryptocurrency manages to break above $0.62, the bullish trend is likely to persist, with price targets set at the $0.64 level. However, if it fails to overcome this resistance, it might face bearish rejection, potentially retracing back to the $0.55 static support area.