Rippleās consolidation within the $2-$3 range reflects a period of indecision in the market, with a breakout above $3 paving the way for a sustained bullish trend. Its next significant trend depends on the potential direction toward which the range would break out.
By Shayan
After failing to breach the critical $3 resistance, XRP has entered a consolidation phase within the decisive $2-$3 range. During this period, the price has formed a sideways wedge pattern. The cryptocurrency recently found support at the wedgeās lower boundary near $2, followed by a bullish surge toward the upper trendline around $2.3.
A breakout above the wedgeās top boundary could signal further upward momentum, potentially propelling XRP toward the $3 resistance level. Conversely, a rejection at this threshold would likely prolong the consolidation phase in the short term.
Source: TradingView
The 4-hour chart highlights a strong support region defined by the 0.5 ($2) and 0.618 ($1.9) Fibonacci retracement levels. This zone has consistently acted as the primary defense for the buyers, preventing significant price declines.
Recently, XRP rebounded from there, triggering an influx of buying activity and initiating a bullish reversal.
Despite this recovery, the altcoin remains confined within the $2-$3 range. Buyers are making attempts to push the price toward the upper boundary, but a valid breakout is required to determine the its next major move. Until such a breakout occurs, heightened volatility and continued consolidation are expected.
Source: TradingView
The post Ripple Price Analysis: Whatās Next for XRP Following 8% Weekly Surge? appeared first on CryptoPotato.
XRP Price Analysis
By Shayan
The Daily Chart
After failing to breach the critical $3 resistance, XRP has entered a consolidation phase within the decisive $2-$3 range. During this period, the price has formed a sideways wedge pattern. The cryptocurrency recently found support at the wedgeās lower boundary near $2, followed by a bullish surge toward the upper trendline around $2.3.
A breakout above the wedgeās top boundary could signal further upward momentum, potentially propelling XRP toward the $3 resistance level. Conversely, a rejection at this threshold would likely prolong the consolidation phase in the short term.
Source: TradingView
The 4-Hour Chart
The 4-hour chart highlights a strong support region defined by the 0.5 ($2) and 0.618 ($1.9) Fibonacci retracement levels. This zone has consistently acted as the primary defense for the buyers, preventing significant price declines.
Recently, XRP rebounded from there, triggering an influx of buying activity and initiating a bullish reversal.
Despite this recovery, the altcoin remains confined within the $2-$3 range. Buyers are making attempts to push the price toward the upper boundary, but a valid breakout is required to determine the its next major move. Until such a breakout occurs, heightened volatility and continued consolidation are expected.
Source: TradingView
The post Ripple Price Analysis: Whatās Next for XRP Following 8% Weekly Surge? appeared first on CryptoPotato.
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