After finding solid support, is $0.64 next for XRP?

Ripple has found strong support within a critical price range, defined by the 100- and 200-day moving averages, experiencing a significant bullish bounce.

However, the asset is expected to continue rising towards the key resistance level at $0.64, where selling pressure may temporarily curb the bullish momentum.

XRP analysis

By Shayan

The daily chart

An in-depth analysis of Ripple’s daily chart reveals that it found substantial buying pressure at a key support zone between the 100-day ($0.53) and 200-day ($0.55) moving averages. This surge in demand led to a notable price recovery from the $0.53 to $0.55 range, pushing XRP higher. The price is now trending towards the critical resistance level of $0.64, an area that has repeatedly challenged Ripple buyers in recent months.

If sellers reassert control at this level, the asset could reverse and move back down to the $0.55 support area. On the other hand, if buyers manage to overcome this resistance, a bullish continuation and a change in market sentiment is likely.

The 4 hour chart

On the 4-hour chart, Ripple found strong support at the Fibonacci retracement levels of 0.5 ($0.52) and 0.618 ($0.48), as well as the lower boundary of the descending flag pattern. This demand zone stopped the previous downtrend and led to a strong bullish reversal.

Ripple is now rising towards the upper limit of the flag at $0.62, a key level in this pattern. The descending flag pattern is a well-known bullish continuation move if it breaks from its upper limit.

If the price breaks above $0.62, more bullish momentum is likely. Conversely, failure to break this resistance could lead to a bearish pullback, and the price could fall back towards the lower flag trendline around the crucial $0.53 support.

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