XRP sees an eye after a weekly increase of $ 10 %, but is a decline imminent? (Ripple price analysis)

XRP sees an eye after a weekly increase of $ 10 %, but is a decline imminent? (Ripple price analysis)

After four weeks in a row with price fluctuations with extremely low volatility, XRP finally initiated a rally and broke the sliding 50-day average. However, the upward trend came to a standstill after reaching the sliding 100-day average, and the price is now trying to exceed it.

technical analysis

of Shayan

the daily -type

The sliding 50-day average acted as a resistance for the price for several months. However, the bulls recently drove the price beyond this range. This led to a rally in the direction of the next critical resistance level, which is $ 0.4.

Currently, the cryptocurrency meets a significant resistance region that includes the sliding 100-day average and the static level of resistance of $ 0.5, which also matches the upper trend line of the channel.

In the event of an outbreak from this region, the market should expect an increase towards the next resistance brand at $ 0.55. However, if the price does not exceed the above level, short -term consolidation would be most likely.

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The 4-hour diagram

In the 4-hour period, the price formed an ascending price channel pattern, and after it was supported by the lower trend line, it began to move upwards. However, the rally has initially stopped the level of resistance of $ 0.4, which led to short -term price consolidation.

If the cryptocurrency exceeds the $ 0.4 brand, the mean trend line of the channel and the $ 0.5 mark will be the next obstacles to overcome it. On the other hand, if the level of $ 0.4 rejects the price, the lower limit of the channel will be the next significant level of support.

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