Is XRP About To Explode To $0.68?

While Ripple’s bullish momentum may have slowed temporarily, recent price action suggests that this could be about to change.

However, it is important to take a look at some technical indicators to try to understand if a correction is taking place or if XRP is on the verge of its next impulsive rally.

By Shayan

The daily chart

An in-depth examination of the daily chart reveals that after completing a retracement to the broken 200-day moving average at $0.54, Ripple found sufficient buying pressure, resulting in a rally towards the critical resistance of 0, 64 dollars This crucial mark aligns with the previous significant price increase, and serves as a significant barrier for buyers.

If the bulls manage to break this pivot, a continuation of the positive trend towards the annual high of $0.7440 will be imminent, with Ripple buyers looking to mark a new high.

However, given the potential supply near this juncture and the slight bearish divergence between price and the RSI indicator, there is still a temporary corrective pullback stage, with price potentially consolidating within the significant range of 0 .55 to .64 dollars.

Source: TradingView The 4-hour chart

Analyzing the 4-hour chart, it is clear that Ripple’s bullish momentum was met with notable selling pressure by reaching the crucial $0.64 resistance region, which led to a consolidation to the upside and forming a ascending wedge pattern.

Price is now in the narrowest range of the wedge pattern, with a breakout imminent.

However, given the bearish divergence between the price and the RSI indicator in the 4-hour period and the potential bid near $0.64, a slight rejection followed by a correction stage of short term consolidation. If the price breaks the lower boundary of the wedge, a drop towards the $0.55 threshold is possible.

However, in the case of a more sustained corrective stage, the next potential targets for Ripple will be the Fibonacci levels of 0.5 ($0.5) and 0.618 ($0.47).

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