Ripple’s price has found support at the significant 200-day moving average at around $0.41, leading to a robust uptrend. Should it continue its surge, Ripple’s next destination will be the resistance zone at $0.56, but what if the bears take control?
The Daily Chart
Analyzing the daily chart reveals that following several weeks of rejection, the price has finally found support at the 200-day moving average of $0.41, initiating an upward trend. Consequently, the recent rejection phase can be described as a mid-term consolidation correction stage, which is vital for a healthy bullish rally.
This indicates that XRP could attempt to breach the $0.56 barrier. If the price manages to surpass this critical zone, it is likely to enter a long-term bullish rally.
The 4-Hour Chart
Turning to the 4-hour chart, XRP initially dropped to the static resistance region of $0.42, which coincides with the 200-day moving average. However, the price found support and began rallying toward the mid-trend line of the channel.
There is a significant resistance region at $0.4675, which currently serves as the primary barrier on the 4-hour timeframe. Should the price surpass this resistance, its next target will be the channel’s upper boundary, approximately at $0.6.
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