These two critical levels determine the short -term direction of XRP (Ripple price analysis)

These two critical levels determine the short -term direction of XRP (Ripple price analysis)

rippledie future prospects appear optimistic because the price has broken through a triangular pattern that extends over several months and exceeded the sliding 200-day average.

After a valid pullback has formed, the cryptocurrency now tends up. However, in order to generate sufficient demand on the market, the price still has to overcome the resistance area by $ 0.56.

technical analysis

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The daily chart

XRP fell back to the level of $ 0.41 and the sliding 200-day average before continued its upward rally. Interestingly, during the Ripple pullback phase, there was a descending flag pattern, a well-known continuation correction pattern. The price is now about to break through the upper trend line of this flag pattern.

The latest movements indicate that buyers strive to break through the critical zone of $ 0.56. In the event of success, XRP is likely to lead to a long -term upward rally, which is accompanied by short -term correction phases.

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The 4-hour diagram

Shouting the focus on the 4-hour chart, Ripple went through a consolidation correction phase and found support in the significant $ 0.42 area. The price then initiated a rally in the direction of the middle trend line of the rising channel.

An important resistance area is $ 0.48 and comprises the mean boundary of the rising channel, which matches the upper trend line of the descending flag pattern. This is currently the main obstacle.

If the price manages to overcome this resistance, it will probably strive for the upper limit of the channel at around $ 0.6.

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