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After a prolonged period of consolidation, XRP has finally surged and surpassed the significant resistance level of $0.42. The overall outlook seems bullish. However, the cryptocurrency is currently facing a resistance level at its prior major swing high.
Technical Analysis
By Shayan
The Daily Chart
XRP spent an extended period of time consolidating within a narrow range of the triangle pattern. It has finally surged above both the triangle’s upper boundary and the 200-day moving average at approximately $0.4. Subsequently, the price retraced back to the $0.4 level and formed a pullback before continuing its upward trend.
Meanwhile, the next resistance region XRP is possible to encounter on the daily timeframe is within the $0.55-$0.58 price range. As a result, its overall outlook is currently bullish, and a surge toward the $0.55 price level seems like a probable scenario for the near term.
The 4-Hour Chart
Typically, a healthy bullish rally is characterized by an impulsive phase where the price experiences a significant surge, followed by a corrective phase where it enters a consolidation and forms correction patterns.
This pattern can be observed on the 4-hour chart, where the price experienced an explosive spike and surpassed the $0.4 resistance level (impulsive phase) before entering a consolidation stage and forming a triangle pattern (corrective phase).
However, XRP has recently broken above the triangle’s upper boundary, confirming the bullish rally, and experienced a spike. Nevertheless, its next significant resistance level is at the prior major swing of $0.51.
Taking everything into account, Ripple’s outlook is currently bullish, and the price seems more likely to continue surging toward the $0.55 resistance zone.
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Cryptocurrency charts by TradingView.
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