XRP bulls want to take out $0.64, but there is a problem

After a minor rejection near the $0.64 resistance zone, the price returned to the broken 200-day moving average, validating the bullish breakout.

This move signifies positive market sentiment, with price targeting a recovery from the $0.64 resistance.

By Shayan

The daily chart

A close analysis of the daily chart reveals that Ripple has maintained its upward trajectory towards the significant resistance zone of $0.64, a key threshold in the daily time frame.

However, the price encountered slight resistance near this pivotal level, prompting a pullback towards the broken 200-day moving average at $0.54. Despite this, XRP experienced more buying pressure, initiating a new bullish surge that confirmed the market’s bullish sentiment.

Consequently, buyers are poised to push the price above the $0.64 medium-term resistance. However, given the elevated levels of the RSI indicator, a temporary period of sideways consolidation within the $0.53-$0.64 range is forecast before buyers attempt to recover the critical $0.64 resistance.

Source: TradingView The 4-hour chart

Examining the 4-hour chart, the continuation of the bullish rally is evident, with the price reaching the $0.64 level. However, Ripple encountered substantial selling pressure near this critical point, likely due to profit taking from long positions.

This selling activity led to a notable pullback to the $0.54 support region, where increased buying pressure initiated another rally.

Since then, the price has formed an uptrend line during these fluctuations. XRP is currently capped by the dynamic support of this trendline and the major resistance level at $0.64, suggesting consolidation within this range until a breakout occurs. If the price breaks above $0.64, a new uptrend towards the decisive $0.7 region is likely.

Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (Excludes CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. We recommend that you do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.