Ripple Faces Key Resistance at $0.63, Will This Consolidation Lead to a XRP Price Breakout?

“Ripple Faces Key Resistance at $0.63: Will Consolidation Lead to Breakout?”

Ripple has recently seen a significant rally, reaching the crucial resistance region at $0.63. However, strong selling pressure at this level led to a rejection, keeping XRP bounded within the key price range between $0.63 and $0.55.

In the short term, a consolidation phase is expected as the market assesses its next move.

By Shayan

The daily chart

An in-depth analysis of XRP’s daily chart shows that after a resurgence of demand near the critical support region of $0.43, the price experienced a notable surge, reaching the significant resistance zone of 0, 63 dollars.

This level has previously acted as a robust barrier, rejecting price advances and pushing Ripple lower. Recently, the cryptocurrency was rejected again from the $0.63 mark due to prevailing selling pressure, leading to a pullback towards the substantial support region at $0.55.

XRP currently appears bounded within this decisive range, capped by the $0.63 resistance and $0.55 support. A period of lateral consolidation is expected here in the short term, with a break in either direction likely to determine Ripple’s next move. The next potential targets for the cryptocurrency are the resistance at $0.71 or the critical support at $0.48.

Source: TradingView The 4-hour chart

The 4-hour chart further illustrates that Ripple’s impulsive rally met significant resistance near $0.63, leading to a rejection and subsequent pullback towards the crucial 0.55 support region dollars

This area appears to be full of demand, offering potential medium-term support. However, buyers and sellers are currently struggling near this critical threshold.

If buyers can prevail and maintain buying pressure in the coming days, XRP could see a further rally, targeting the $0.63 level again. Conversely, if sellers dominate, continuation of bearish pullbacks seems likely, with the next target between the $0.52 (0.5 Fibonacci) and $0.48 (0.618 Fibonacci) levels.

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