Ripple Faces Key Resistance at $0.63: Will Consolidation Lead to a Breakout?
Ripple has recently seen a significant increase, reaching the important resistance level at $0.63. However, strong selling pressure at this point has resulted in a rejection, keeping XRP trapped within the critical price range of $0.63 to $0.55. In the short term, a phase of consolidation is anticipated as the market assesses its next steps.
The Daily Chart
An in-depth examination of XRP’s daily chart reveals that following a resurgence in demand near the vital support level of $0.43, the price made a notable climb, hitting the significant resistance zone at $0.63. This level has previously served as a strong barrier, pushing the price lower after rejections.
Recently, the cryptocurrency faced rejection once more at the $0.63 mark due to ongoing selling pressure, which caused a retracement towards the substantial support zone at $0.55. At present, XRP seems to be contained within this critical range, defined by the $0.63 resistance and the $0.55 support. A period of sideways consolidation is expected in the near term, with a breakout in either direction likely to dictate Ripple’s subsequent movements. The next potential targets for the cryptocurrency could be the $0.71 resistance or the crucial support level at $0.48.
The 4-Hour Chart
The 4-hour chart further demonstrates that Ripple’s vigorous surge confronted considerable resistance around $0.63, leading to a rejection and a subsequent retreat towards the key support region at $0.55. This area appears to be saturated with demand, providing potential support in the mid-term. However, buyers and sellers are currently locked in a contest at this critical threshold.
If buyers can gain the upper hand and maintain buying pressure in the coming days, XRP may experience another surge, aiming to reach the $0.63 level once more. On the other hand, if sellers take control, further bearish retracements seem probable, with the next targets likely to be between the $0.52 (0.5 Fibonacci) and $0.48 (0.618 Fibonacci) levels.
