XRP Poised for Bull Run if it Surpasses Key Resistance Level

Ripple has recently seen an uptick in buying activity, pushing it closer to the $0.6 level, though the upward movement has halted, resulting in a minor sideways consolidation.

Currently, XRP is trading within the important $0.55-$0.64 range, indicating a probable short-term continuation of this consolidation phase.

XRP Analysis

By Shayan

The Daily Chart

On the daily chart, Ripple has established an ascending wedge pattern characterized by higher highs and lows. Following a significant buying wave at the wedge’s lower boundary, which corresponds to the $0.5 support area, the price ascended to $0.6. However, it encountered resistance at this level and has transitioned into a sideways consolidation phase.

At present, Ripple is trapped in a vital price range, facing resistance at $0.64, which has consistently blocked upward advances, and dynamic support at the wedge’s lower boundary, around $0.55.

A breakout from this range will deliver more explicit signals concerning Ripple’s mid-term trend trajectory. If buyers manage to surpass the $0.64 resistance, it could trigger a short-squeeze, propelling the price above the wedge’s upper boundary and potentially signifying a notable shift toward bullish sentiment.

The 4-Hour Chart

On the 4-hour chart, XRP has been consolidating within a bullish flag pattern, with recent support located near the $0.5 level and the 0.5 Fibonacci retracement at $0.52. This support has triggered a price surge, but the advance has stalled at the flag’s upper boundary at $0.6, indicating robust selling pressure at this point.

Ripple is currently consolidating just beneath the $0.6 level, showcasing the ongoing struggle between buyers and sellers. Should buyers manage to break through this boundary, the next target will be the critical $0.64 resistance. Conversely, a rejection at this level could cause Ripple to retreat to the lower edge of the flag pattern, near the $0.55 support area.