In short: XRP price reached significant resistance at $0.55 with extreme volatility, leading to a decline towards the 100-day moving average at $0.47. This marks a bearish outlook for Ripple in the short term with a double-top pattern formed at the $0.55 zone. It is likely that the price will consolidate within a range between $0.55 and the 100-day moving average until there is a breakout in either direction.
Our quick analysis:
The XRP price has been on a rollercoaster ride, reaching highs of $0.55 and then plummeting back down to the 100-day moving average of $0.47. But where will the cryptocurrency go from here? Let's take a closer look.
On the daily chart, XRP faced extreme volatility after hitting significant resistance at $0.55. A bearish double-top pattern has formed, indicating a short-term bearish outlook. However, the price is expected to consolidate between the $0.55 resistance region and the dynamic support level of the 100-day moving average until a breakout in either direction occurs.
Moving to the 4-hour chart, XRP attempted to surpass the $0.55 region but suffered a significant rejection towards the mid-boundary of the ascending channel. The cryptocurrency found support for the second time at the middle boundary of $0.47 and started another upward move. It's likely that XRP will continue to consolidate within the significant resistance and middle boundary of the channel for the mid-term.
In conclusion, while XRP's future direction remains uncertain, we can expect the cryptocurrency to consolidate within a range before any significant moves occur. Keep an eye on the $0.55 resistance region and the middle boundary of the ascending channel for potential breakouts. The ripple effect could be massive.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The XRP price has been on a rollercoaster ride, reaching highs of $0.55 and then plummeting back down to the 100-day moving average of $0.47. But where will the cryptocurrency go from here? Let's take a closer look.
On the daily chart, XRP faced extreme volatility after hitting significant resistance at $0.55. A bearish double-top pattern has formed, indicating a short-term bearish outlook. However, the price is expected to consolidate between the $0.55 resistance region and the dynamic support level of the 100-day moving average until a breakout in either direction occurs.
Moving to the 4-hour chart, XRP attempted to surpass the $0.55 region but suffered a significant rejection towards the mid-boundary of the ascending channel. The cryptocurrency found support for the second time at the middle boundary of $0.47 and started another upward move. It's likely that XRP will continue to consolidate within the significant resistance and middle boundary of the channel for the mid-term.
In conclusion, while XRP's future direction remains uncertain, we can expect the cryptocurrency to consolidate within a range before any significant moves occur. Keep an eye on the $0.55 resistance region and the middle boundary of the ascending channel for potential breakouts. The ripple effect could be massive.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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