XRP explodes 20% weekly, here are the next targets

Ripple has shown a strong bullish move from the $0.42 support region, retrieving significant resistance levels to the 200-day MA around $0.54. The main challenge lies in breaking through the resistance between $0.54 and $0.55, where there is significant selling pressure.

By Shayan

The daily chart

An in-depth analysis of the daily chart reveals that XRP faced increased buying interest near the crucial support region of the multi-month descending channel mid-limit at $0.42, leading to a notable bullish increase in its price. Following this resurgence in demand, Ripple has recovered multiple decisive resistance zones, including:

Upper Limit of the Channel: Ripple has successfully crossed this level, breaking out of the descending channel pattern. 100-Day Moving Average: Price moved above this MA around $0.50, indicating strengthened bullish momentum.

Ripple is currently finding major resistance at the 200-day MA of $0.54. This moving average lines up with a static resistance zone at $0.55, making it a substantial barrier to further price increases.

Upon reaching this resistance zone, Ripple faced increased selling pressure, reducing the bullish momentum. However, the price is currently consolidating near this critical level.

If the cryptocurrency stabilizes and breaks above the $0.55 resistance, it could trigger a sustained uptrend towards the next major resistance at $0.60. However, a temporary period of consolidation is expected in the medium term due to the potential presence of supply near this critical juncture.

Source: TradingView The 4-hour chart

On the 4-hour chart, Ripple showed a notable uptrend, driven by increased demand near $0.4. This buying activity led to a break above $0.47. XRP breached this key resistance level, which also involved breaking a multi-month downtrend line, indicating a bullish resurgence.

The cryptocurrency is currently facing substantial resistance around $0.57, a level that has previously led to rejections.

If Ripple successfully breaks this resistance, it could continue its uptrend, targeting the $0.62 resistance zone. Conversely, if the price faces a rejection, a consolidation correction stage within the $0.57-$0.47 range is likely.

Source: TradingView SPECIAL OFFER (sponsored) Binance Free $600 (exclusive of CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.