Here’s what you need to know about XRP’s next step

After a significant drop to the crucial $0.43 support region, Ripple encountered more buying pressure and saw a substantial rally, which brought the price back above the 100 moving averages and 200 days.

This recent action has left market participants uncertain about the overall direction of XRP, and the next moves will likely provide clarity.

By Shayan

The daily chart

An in-depth look at Ripple’s daily chart shows that after a sharp drop below the 100- and 200-day moving averages, the price reached a major support region at $0.43, creating a state of fear in the market

However, this level attracted substantial buying interest, which led to a bullish rally and completed a pullback to the broken upper limit of the multi-month descending channel. Additionally, XRP managed to recover the critical 100-day and 200-day moving averages, indicating a potential uptrend.

Ripple is currently confined to a decisive price range, with significant support at the 200-day moving average around $0.54 and significant resistance at $0.64. A break of this range will likely determine the next move.

The 4 hour chart

On the 4-hour chart, Ripple found strong selling pressure near the crucial resistance at $0.64, leading to a sharp decline towards the significant support zone defined by the Fibonacci levels of 0.5 (0 .52$) and 0.618 ($0.48).

As expected, buying pressure emerged at this critical support, sending the price back up towards the key resistance at $0.64. XRP is now holding within a key range, with resistance at $0.64 and support at $0.55.

A break of this range will likely set the direction for the next significant price move. Given the recent price action, the market turbulence can be seen as a temporary correction, with the possibility of a further rally to regain the $0.64 resistance area.

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