Bullish sentiment reaffirmed, can XRP rise to $0.64?

Ripple has shown a slight bullish rebound after finding significant support at the 200-day moving average of $0.55, suggesting a modest increase in market demand.

However, the market is likely to experience a short-term consolidation.

XRP analysis

By Shayan

The daily chart

A closer examination of the daily chart reveals that Ripple has seen increased buying activity near the crucial 200-day moving average at $0.55, prompting a minor bullish reversal. This moving average is a critical decision point for Ripple’s price; if breached, the overall daily bias will become decidedly bearish. However, the asset has formed a bullish candle at this key support level, hinting at a slight resurgence of optimism in the market.

A potential bullish reversal could occur if buyers can sustain this momentum. In the short term, however, Ripple is likely to enter a sideways consolidation phase as the market looks for more direction. On a broader scale, XRP has formed an expanding wedge pattern. If a bullish resurgence materializes, the upper boundary of the wedge near $0.65 will become the primary target.

The 4 hour chart

On the 4-hour chart, Ripple has been consolidating between the critical support zone at $0.54 and significant resistance around $0.64. The asset recently touched the lower end of this range at $0.54 and has been consolidating ever since. Ripple has formed a double-bottom bullish reversal pattern, followed by several solid bullish candles.

This price action suggests a potential increase in buying pressure at this crucial level. Additionally, Ripple has developed a slight descending wedge pattern, with the lower boundary aligned with the $0.54 support region. Given these developments, a bullish reversal is expected in the coming days, which will likely drive the price towards the upper boundary of the wedge around $0.60.

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