XRP Bulls Keen on Taking Out $0.64 But There’s a Catch

Following a minor rejection near the $0.64 resistance zone, the price retraced to the broken 200-day moving average, validating the bullish breakout.

This movement signifies a positive market sentiment, with the price targeting a reclaim of the $0.64 resistance.

By Shayan

The Daily Chart

A thorough analysis of the daily chart reveals that Ripple has maintained its upward trajectory toward the significant $0.64 resistance zone, a key threshold on the daily timeframe.

However, the price encountered slight resistance near this pivotal level, resulting in a pullback toward the broken 200-day moving average at $0.54. Despite this, XRP experienced increased buying pressure, initiating a new upward surge that confirmed the bullish sentiment in the market.

Consequently, buyers are keen to push the price above the $0.64 resistance in the mid-term. Nevertheless, given the elevated levels of the RSI indicator, a temporary period of sideways consolidation within the $0.53-$0.64 range is anticipated before buyers attempt to reclaim the critical $0.64 resistance.

The 4-Hour Chart

Examining the 4-hour chart, the continuation of the bullish rally is evident, with the price reaching the $0.64 level. However, Ripple encountered substantial selling pressure near this critical point, likely due to profit-taking from long positions.

This selling activity led to a notable pullback toward the $0.54 support region, where increased buying pressure initiated another surge.

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The price has since formed an ascending trendline during these fluctuations. Currently, XRP is constrained by the dynamic support of this trendline and the significant $0.64 resistance level, suggesting a consolidation within this range until a breakout occurs. If the price breaks above the $0.64 mark, a new bullish trend toward the decisive $0.7 region is likely.