Ripple is currently trading with minimal volatility near the significant support region of the 200-day moving average at $0.54.
Given the importance of the 200-day MA, it’s likely that this level will hold, providing a foundation for XRP to stage a recovery.
XRP Analysis
By Shayan
The Daily Chart
Ripple (XRP) is currently experiencing low volatility as it hovers near the significant support region provided by the 200-day moving average (MA) at $0.54. This area has proven to be a substantial support level, with the price action showing signs of sideways movement and minimal market activity.
Despite the lack of momentum, this critical threshold is expected to absorb selling pressure and attract demand, setting the stage for a potential bullish rebound.
The recent price action, marked by retracements and sideways consolidation, could be seen as a temporary pullback to this broken moving average. If XRP manages to maintain support at the $0.54 level, it is likely to experience increased buying pressure in the mid-term, pushing the cryptocurrency towards the crucial resistance zone at $0.64, with the goal of reclaiming this level.
The 4-Hour Chart
On the 4-hour chart, XRP’s price continues to consolidate sideways with weak momentum. However, the decisive $0.54 support region remains intact, acting as a buffer against further declines. The ongoing battle between buyers and sellers at this critical juncture suggests that the market is poised for a shift.
If buying pressure strengthens, Ripple could initiate a rally targeting the $0.64 resistance level. Conversely, if the $0.54 support is breached, the next downside target would likely be within the 0.5 to 0.618 Fibonacci retracement range. The price action in the coming days will be crucial in determining Ripple’s short-term trajectory.
The post Calm Before the Storm: XRP on the Verge of a Big Move Around This Critical Level (Ripple Price Analysis) appeared first on CryptoPotato.
