XRP Explodes Above $0.6, But Will Bulls Hold?

After an impulsive rally fueled by increased buying pressure near the crucial $0.43 support, XRP price has broken through several key resistance levels, including the 100-day and 200-day moving averages.

Market sentiment has turned bullish, with buyers targeting the critical $0.65 threshold.

By Shayan

The daily chart

An in-depth examination of the daily chart shows that after a significant increase in buying interest near the key support region of $0.43, Ripple experienced a strong price increase.

This surge allowed XRP to break out of a multi-month descending channel, breaking through several resistance areas, including the 100-day ($0.50) and 200-day ($0.54) moving averages and the crucial resistance level static $0.55.

This price action indicates a clear shift in market sentiment to a bullish outlook, with buyers regaining control. XRP is currently within a critical price range, defined by the significant support at $0.55 and the critical resistance regions at $0.65, and is expected to consolidate within this range in the near term . A temporary retracement towards the 200-day MA is expected, aiming to complete a retracement to the broken level.

Source: TradingView The 4-hour chart

The 4-hour chart reveals a clear bullish reversal, with the price breaking above the multi-month downtrend line.

This breakout has led to renewed demand, pushing the price above the crucial $0.57 resistance region. Currently, XRP is targeting the $0.65 area, which aligns with its previous daily swing high. This range is likely to be full of supply and selling pressure, posing a risk of near-term rejection.

However, given the impulsive nature of this surge, a short-term consolidation correction period is possible. The price may pull back towards $0.49 (Fibonacci level 0.5) to the $0.47 range (Fibonacci level 0.618) to complete a retracement to the broken level.

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