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All Eyes on $0.48 for XRP as Bulls Lose Momentum (Ripple Price Analysis)

Crypto News - CryptoVizArt 2023-04-12 22:15

Ripple attempted to exceed the significant resistance region of $0.58 but was rejected, leading to a slight decline. However, there is a decisive support zone ahead at the $0.48 area, and the upcoming price action will determine the short-term outlook.

Technical Analysis

By Shayan

The Daily Chart

Following a sharp surge in value, XRP has broken through several significant barriers, strengthening its outlook. However, the price’s upward momentum lost steam when it encountered the notable resistance level of $0.58, causing a dip.

Although this drop could be interpreted as a brief correction before the price continues its climb beyond the mentioned resistance level, it’s crucial to highlight that the price range between $0.47 and $0.4436 (which corresponds to the 0.5 and 0.618 levels of fib retracement) serves a crucial role in the event of a sudden decline.

xrp_price_chart_1204231 Source: TradingView

The 4-Hour Chart

Based on the chart, XRP experienced a sudden surge but was unable to pass the $0.58 price level, leading to a short period of consolidation with no clear direction. Ultimately, the price now confronts two critical levels between the $0.48 support and $0.58 resistance zones.

In summary, if it manages to make another significant surge and surpasses the $0.58 resistance level, it could trigger an extended bullish rally. However, if there is a rejection, the minor $0.48 zone will act as the primary support for XRP in the 4-hour timeframe.

xrp_price_chart_1204232 Source: TradingView

The post All Eyes on $0.48 for XRP as Bulls Lose Momentum (Ripple Price Analysis) appeared first on CryptoPotato.