XRP could see a massive bull run if it breaks above this level

Ripple has recently seen an increase in buying activity and a subsequent rise towards the $0.6 threshold, but the bullish momentum has stalled, leading to a slight sideways consolidation.

However, XRP is limited to the crucial $0.55-$0.64 range, indicating a likely near-term continuation of this consolidation.

XRP analysis

By Shayan

The daily chart

On the daily chart, Ripple has formed an ascending wedge pattern with higher highs and higher lows. After a strong buying wave near the lower boundary of the wedge, which aligns with the $0.5 support zone, the asset rose to $0.6. However, the price hit resistance at this level and it has turned into a sideways consolidation.

Ripple is currently confined to a key price range, with resistance at $0.64, which has repeatedly rejected upside moves, and dynamic support at the lower boundary of the wedge, currently around 0.55 dollars

A break of this range will provide clearer signals for Ripple’s mid-term trend direction. If buyers recover the $0.64 resistance, it could trigger short pressure, pushing the price above the upper boundary of the wedge and potentially marking a significant shift to bullish sentiment.

The 4 hour chart

On the 4-hour chart, XRP has consolidated within a bullish flag pattern, with recent support found near the $0.5 level and the $0.5-$0.52 Fibonacci retracement. This support prompted a rally, but the price has stalled at the upper limit of the flag at $0.6, indicating strong selling pressure at this level.

Ripple is consolidating just below the $0.6 mark, reflecting the ongoing battle between buyers and sellers. If buyers break this limit, the critical resistance at $0.64 will be the next target. Conversely, a rejection at this level could push Ripple towards the lower threshold of the flag pattern, near the $0.55 support region.

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