“Ripple Faces Key Resistance at $0.63: Will Consolidation Lead to a Breakout?”

Ripple has recently experienced a significant surge, reaching the crucial resistance region at $0.63. However, strong selling pressure at this level led to a rejection, keeping XRP confined within the key price range between $0.63 and $0.55.

For the short term, a consolidation phase is expected as the market evaluates its next move.

XRP Price Analysis

By Shayan

The Daily Chart

An in-depth analysis of XRP’s daily chart shows that after a resurgence in demand near the critical $0.43 support region, the price experienced a notable surge, reaching the significant $0.63 resistance zone.

This level has previously acted as a robust barrier, rejecting price advances and pushing Ripple lower. Recently, the cryptocurrency was rejected again from the $0.63 mark due to prevailing selling pressure, leading to a retracement toward the substantial support region at $0.55.

Currently, XRP appears confined within this decisive range, bounded by the $0.63 resistance and $0.55 support. A period of sideways consolidation here is expected in the short term, with a breakout in either direction likely to determine Ripple’s next move. The cryptocurrency’s next potential targets are either the $0.71 resistance or the $0.48 critical support.

The 4-Hour Chart

The 4-hour chart further illustrates that Ripple’s impulsive surge encountered significant resistance near $0.63, leading to rejection and subsequent retracement toward the crucial $0.55 support region.

This area appears to be filled with demand, offering potential support in the mid-term. However, buyers and sellers are currently battling near this critical threshold.

If buyers can prevail and sustain buying pressure in the coming days, XRP could experience a fresh surge, targeting the $0.63 level again. Conversely, if sellers dominate, the continuation of bearish retracements seems likely, with the next target between the $0.52 (0.5 Fibonacci) and $0.48 (0.618 Fibonacci) levels.

The post Ripple Faces Key Resistance at $0.63, Will This Consolidation Lead to XRP Price Breakout? appeared first on CryptoPotato.

from CryptoPotato https://ift.tt/znfscqo