bullish

Daily

<p>Ripple has been trading within a tight range of $0.55 to $0.63, with the price recently facing a significant rejection near the critical $0.64 resistance level, retracing toward the range’s lower boundary.</p> 
<p>Despite this pullback, the asset is anticipated to undergo a period of sideways consolidation within this range until a breakout occurs.</p> 
<h2 id="xrp-analysis">XRP Analysis</h2> 
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank">Shayan</a></p> 
<h3 id="the-daily-chart">The Daily Chart</h3> 
<p>A detailed examination of the daily chart reveals that Ripple has been confined within a crucial range, bounded by the $0.64 resistance and the $0.55 support level. Recently, it encountered increased selling pressure near the range’s upper boundary at the critical $0.64 resistance, resulting in a significant rejection.</p> 
<p>Consequently, the asset has retraced towards the lower boundary of the range, which aligns with the 200-day moving average at $0.55, forming a strong support barrier. Given the current market conditions, Ripple is expected to experience sideways consolidation within this range until a decisive breakout occurs. A cascade towards the $0.50 threshold becomes highly likely if a bearish breakout happens.<a href="https://cryptopotato.com/wp-content/uploads/2024/08/XRP-D-5-scaled.jpg" data-wpel-link="internal"></a></p> 
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3> 
<p>On the 4-hour chart, Ripple’s price action shows a clear rejection from the resistance zone at $0.64, a level that has consistently acted as a formidable barrier due to heightened selling pressure. This rejection has resulted in a downtrend, bringing the asset to a crucial support area of around $0.55.</p> 
<p>Currently, Ripple is consolidating within the $0.55-$0.64 range, with the price nearing a potential breach of the lower boundary. Should this breach occur, a bearish continuation toward the crucial support region, marked by the 0.5 ($0.52) to 0.618 ($0.48) Fibonacci levels, is likely. Conversely, a bullish reversal targeting the range’s upper boundary at $0.64 could unfold if buying pressure emerges.<a href="https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-356530" src="https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/XRP-4H-5-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p> 
<p>The post <a href="https://cryptopotato.com/ripple-price-analysis-will-the-0-55-support-level-hold-after-xrp-was-rejected-at-0-6/" rel="nofollow">Ripple Price Analysis: Will The $0.55 Support Level Hold After XRP Was Rejected at $0.6?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Ripple Price Analysis: Will The $0.55 Support Level Hold After XRP Was Rejected at $0.6?

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