XRP Bulls Eye $0.6 as positive sentiment spread

After a solid bullish bounce, Ripple price rose to the $0.60 level. However, it has since entered a brief consolidation phase, which may pave the way for a further move to the upside towards the significant $0.64 resistance.

By Shayan

The daily chart

A look at Ripple’s daily chart reveals that after a surge in demand around the key 100-day ($0.53) and 200-day ($0.55) moving averages, the activity of buying intensified, causing the price to rise sharply towards $0.60.

Although Ripple’s bullish momentum has temporarily stalled, the price has now entered a short-term consolidation at this level. This phase is likely to be followed by a continuation of the uptrend, with XRP targeting the critical resistance level of $0.64, an area that has consistently challenged buyers in recent months.

Should the sellers regain control of this resistance, XRP price could face a reversal, potentially pulling back towards the $0.55 support region. On the other hand, if buyers manage to break through the $0.64 resistance, the uptrend is expected to continue, indicating a change in market sentiment.

Source: TradingView The 4-hour chart

On the 4-hour chart, XRP saw an increase in buying interest at the Fibonacci retracement level of 0.5 ($0.52), which coincides with the lower boundary of a descending flag pattern. This led to a strong bullish reversal, pushing the price towards the upper limit of the flag at $0.62, a key resistance level in this formation.

If the cryptocurrency successfully breaks above $0.62, the uptrend is likely to continue, with the price targeting the $0.64 threshold. However, failure to break through this resistance could lead to a bearish rejection, with the price potentially returning to the static support area of ​​$0.55.

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