XRP Bulls Take Charge, Targeting $0.56 Next (Ripple Price Analysis)

2023-05-29 15:39:43

Ripple’s overall outlook currently appears optimistic, with recent price movements indicating a bullish trend. Notably, the cryptocurrency has found support at both the 100-day and 200-day moving averages and has continued to rise.

As a result, there is potential to target the significant resistance at the $0.55 region.

Technical Analysis

By Shayan

The Daily Chart

After a period of consolidation and correction, the price found support around $0.41, which coincided with the 200-day moving average. This led to an uptrend and a breakout above the 100-day moving average at $0.445. Interestingly, the price experienced a pullback to the 100-day moving average and continued its upward rally, confirming the breakout.

Moreover, the XRP price has recently surpassed the upper boundary of a descending flag pattern of around $0.4644. This breakout serves as a strong indication of buying pressure in this range.

These recent movements suggest that XRP investors could be looking to breach the critical zone at $0.56. If successful, it might embark on a long-term bullish rally, with occasional short-term correction phases.

The 4-Hour Chart

On the 4-hour timeframe, the primary barrier at the moment is a significant resistance area located around the $0.48 price zone, which aligns with the midline boundary of the ascending channel.

If the price continues to surge and then retraces back to the broken trendline, the breakout will be considered valid. Participants should anticipate another bullish leg toward the subsequent resistance levels in such a scenario.

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