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After the Bloodbath: Where is XRP Headed Next? (Ripple Price Analysis)

Crypto News - CryptoVizArt 2023-06-12 21:45

After a solid upward trend that reached a significant resistance region at $0.55, the volatility picked up in the past few days, resulting in a rejection toward the 100-day moving average and the channel’s middle trendline.

Currently, the XRP price is consolidating without providing any solid indication of its future direction.

Ripple Price Technical Analysis

By Shayan

The Daily Chart

Taking a closer look at the daily chart, once the XRP price hit the significant resistance at $0.55, coinciding with the previous major daily pivot, it faced extreme volatility.

This led to a rejection and a decline toward the 100-day moving average, located around $0.47. Furthermore, a double-top pattern has formed at the $0.55 zone, which indicates a bearish outlook for Ripple in the short term.

Nevertheless, it seems likely that the price will consolidate within a range bounded by the static resistance region of $0.55 and the dynamic support level of the 100-day moving average, currently positioned at $0.465, until a breakout occurs in either direction.

xrp_price_chart_1206231 Source: TradingVIew

The 4-Hour Chart

Analyzing the 4-hour chart, on June 5th, the XRP price retraced back to the middle trendline of the ascending channel. Subsequently, it initiated a bullish move in an attempt to surpass the $0.55 region.

However, the selling pressure in that area halted the uptrend, resulting in a significant rejection toward the mid-boundary of the channel.

Ultimately, Ripple’s price found support for the second time at the middle boundary, which stands at $0.47, and started another upward move. Nevertheless, it seems more likely that the cryptocurrency will consolidate within the range of the significant resistance at $0.55 and the middle boundary of the channel for the mid-term.

xrp_price_chart_1206232 Source: TradingView

The post After the Bloodbath: Where is XRP Headed Next? (Ripple Price Analysis) appeared first on CryptoPotato.