Is XRP Set For A Massive Rally Above $0.7? (Ripple Price Analysis)

Ripple has experienced uncertain market activity, with the price lacking clear momentum.

However, the price has now reached a critical and narrow range, with a breakout essential to establish a definitive trend.

By Shayan

The daily chart

A closer look at the daily chart reveals that Ripple’s price has capped within a critical range, capped by key resistance at $0.55 and significant support at $0.47, leading to a prolonged sideways in prices. This pattern mirrors the behavior seen from August to November 2023, before Ripple embarked on an impulsive bullish push towards the $0.73 resistance, retracing the 100- and 200-day moving averages.

XRP is currently showing similar price action within the same range, facing a major resistance zone that includes the upper limit of the range and the 200-day moving average.

If buyers break this critical zone, a lasting uptrend could develop. However, given the existing supply and the lack of strong upside pressure, a rejection seems more likely in the short term.

Source: TradingView The 4-hour chart

On the 4-hour chart, Ripple price has faced extremely low volatility and market activity, resulting in muted price action. This indicates an uncertain state in the market regarding the future trajectory of Ripple. The price has reached a narrow range, bounded by the Fibonacci level of 0.5 ($0.5310) and the lower limit of the ascending wedge at $0.51.

A break below the lower trend line of the pattern could trigger a bearish pullback towards the static support at $0.48.

Conversely, if buyers breach the 0.5 Fibonacci level, the next target will be the 0.618 ($0.5574) Fibonacci level in the short term. In conclusion, Ripple is at a crucial moment, with a breakout of the current range needed to confirm the next trend direction.

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