Ripple’s recent price action underscores significant bullish momentum as buyers continue to dominate the market.
Despite a potential brief consolidation phase, XRP is steadily approaching another coveted milestone of $2, with the prospect of achieving tapping that target by the year’s end growing.
XRP Analysis
By Shayan
The Weekly Chart
The weekly chart reveals Ripple’s remarkable trends, marked by a significant sell-off following the SEC lawsuit, during which the price plummeted to $0.28, a staggering 85% decline. This phase was followed by an extended period of low-volatility consolidation.
Eventually, buyers returned with vigor, driving the price through key resistance levels, including the pivotal $1.3 mark. Ripple’s subsequent impulsive surge highlights strong buying interest, pushing the cryptocurrency closer to a local peak of $1.9.
As the price approaches this critical level, bullish sentiment remains robust, but caution is warranted due to the overbought condition reflected in the RSI indicator. A brief consolidation or correction may precede upward momentum, with $1.3 as the primary support during any potential pullback.
The 4-Hour Chart
The 4-hour timeframe reflects Ripple’s breakout dynamics in greater detail. Upon encountering resistance at the $1.3 zone, the asset entered a consolidation phase, forming a sideways triangle pattern. This setup allowed the RSI to retreat from overbought levels and settle at equilibrium. Eventually, XRP surged, breaking out of the triangle’s upper boundary, signaling a bullish continuation.
Ripple managed to reclaim the $1.3 threshold and advance toward $2. While the bullish momentum is evident, a bearish divergence between the price and RSI hints at possible exhaustion. Furthermore, the presence of supply near the $1.9 resistance zone increases the likelihood of a consolidation phase in the near term. This temporary pause could allow the market to stabilize before XRP attempts to achieve new highs.
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