XRP Down 8% Weekly, But Bullish Signs Appear (Ripple Price Analysis)

Ripple recently faced rejection at the key resistance level of $0.64, which caused the price to drop towards the lower end of its current range, closely aligning with the 200-day moving average at 0, 55 dollars

Despite this pullback, the price is likely to experience a modest rebound, maintaining its sideways consolidation within this range.

XRP analysis

By Shayan

The daily chart

A closer look at the daily chart shows that Ripple encountered strong selling pressure at the $0.64 resistance level, leading to a significant decline. The price has turned back towards the lower end of its trading range, which coincides with the critical 200-day moving average at $0.55.

The bearish divergence seen between the price and the RSI indicator on the daily time frame highlights the weakening of the bullish momentum, suggesting that sellers are trying to push the asset below this important moving average.

However, XRP is likely to see a slight rally to this level due to potential demand, leading to continued sideways consolidation in the near term. If the $0.55 support is unexpectedly breached, another decline towards the $0.53 level could quickly follow.

The 4 hour chart

On the 4-hour chart, Ripple’s price action confirms the rejection of the $0.64 resistance zone, with the price moving back towards the crucial $0.55 support level. Historically, this area has provided strong support and is likely to attract buying interest, potentially halting further declines. As a result, Ripple may find near-term support here, leading to a bounce towards the upper end of its range at $0.64.

Overall, XRP is expected to stay within the $0.55-$0.64 range, with sideways price movement. However, if the $0.55 support fails, a bearish continuation could lower the price to the critical support zone between $0.52 (Fibonacci level 0.5) and $0.48 (Fibonacci level 0.618).

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