This is XRP’s next resistance target after gaining 15% weekly

Ripple has recently seen a resurgence of buying pressure around the crucial $0.5 support region, leading to a sharp price rally and regaining significant resistance levels.

This renewed buying activity suggests a medium-term bullish trend, with a potential resistance target at $0.66.

XRP analysis

By Shayan

The daily chart

On the daily chart, the $0.5 zone has been critical support for XRP over the past few months. The recent influx of buying momentum pushed the asset above the 100-day moving average ($0.55) and the 200-day moving average ($0.53). Breaking above these moving averages indicates a change in sentiment as buyers now have a stronger position in the market.

However, RP is currently trading in an expanding wedge pattern and is limited by the $0.55 and $0.66 thresholds. A short-term consolidation within this mid-term range is expected, with a likely continuation of the uptrend towards the $0.66 resistance level.

The 4 hour chart

Approaching the 4-hour chart, Ripple experienced significant demand around the $0.5 support range, which aligns with the 0.5 and 0.618 Fibonacci retracement levels.

The observed bullish divergence between the price and the Relative Strength Index (RSI) confirmed the build-up phase, leading to a decisive break above both the upper limit of the descending wedge and the $0.55 threshold. This breakout and the wedge pattern indicate a medium-term bullish reversal.

Ripple is now trading between $0.55 and $0.66, and there is likely to be a period of consolidation within this range before a continued upward move. As long as the buying momentum persists and the consolidation remains healthy, XRP price could approach and potentially test the $0.66 resistance in the medium term.

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