XRP aims at $ 0.55 as the main obstacle for another rally (Ripple price analysis)

XRP aims at $ 0.55 as the main obstacle for another rally (Ripple price analysis)

After an impulsive bullish rally ripple, several resistance levels broke through, such as the sliding 50-day average, the multi-month triangle pattern and its former large swing highs. However, the price is now facing a significant decisive resistance zone at $ 0.55.

technical analysis

of Shayan

the daily -type

After an impulsive increase, the price has reached many critical resistance levels, which has created an interest bully atmosphere for cryptocurrency. After reaching a significant barrier of around $ 0.55, the rally came to a standstill, and the price went back.

Although the slight rejection could be considered as a short -term correction before the next increase over the area mentioned, 0.42 $ acts as critical support in the event of a sudden decrease.

This is particularly relevant because the sliding 50-day average is currently around $ 0.42, which makes it a strong level of support.

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The 4-hour diagram

Typically, a healthy housesee rally consists of an impulsive phase characterized by a significant increase, followed by a correction phase during which the price forms correction pattern.

As shown in the following graphic, Ripple experienced an impulsive rally, broke the descending price channel and then entered a short -term correction phase that formed a symmetrical triangle pattern.

After all of this, the cryptocurrency continued its upward trend by breaking a strong movement beyond the upper border of the triangle. However, when the course reached the critical resistance zone of $ 0.55, the rally paused, and Ripple entered another correction level and formed a descending flag pattern.

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