XRP bulls take the lead and strive for $ 0.56 (Ripple price analysis)

XRP bulls take the lead and strive for $ 0.56 (Ripple price analysis)

rippleder overall outlook currently appears optimistic, with the latest price movements pointing out an upward trend. It is noteworthy that the cryptocurrency has found support in both the 100-day and 200-day sliding average.

Therefore, it is possible to target the significant resistance in the range of $ 0.55.

technical analysis

of Shayan

The daily chart

After a phase of consolidation and correction, the price was supported by around $ 0.41, which matched the sliding 200-day average. This led to an upward trend and an outbreak over the sliding 100-day average at $ 0.445. Interestingly, the price experienced a withdrawal to the sliding 100-day average and continued its upward rally, which confirmed the outbreak.

In addition, the XRP price recently exceeded the upper limit of a descending flag pattern of around $ 0.4644. This outbreak is a strong sign of purchase pressure in this area.

These recent movements indicate that XRP investors could try to break the critical zone at $ 0.56. In the event of success, there could be a long -term upward rally with occasional short -term correction phases.

The 4-hour diagram

On the 4-hour time frame, the main obstacle is currently a significant resistance area around the price zone of $ 0.48, which corresponds to the mid-line limit of the rising channel.

If the price continues to rise and then returns to the interrupted trend line, the outbreak is considered valid. In such a scenario, participants should expect another upward trend towards the subsequent level of resistance.

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