[ad_1]
After four straight weeks of price fluctuation with extremely low volatility, XRP finally initiated a rally and broke above the 50-day moving average. However, the uptrend came to a halt after reaching the 100-day moving average, and the price is now attempting to surpass it.
Technical Analysis
By Shayan
The Daily Chart
The 50-day moving average had been acting as resistance to the price for several months. However, the bulls recently pushed the price above this range. This resulted in a rally toward the next critical resistance level, which stands at $0.4.
Presently, the cryptocurrency is up against a significant resistance region, which includes the 100-day moving average and the static resistance level of $0.5, which also aligns with the channel’s upper trendline.
In case of a breakout from this region, the market should expect a surge toward the next resistance level at $0.55. However, if the price fails to exceed the above-mentioned level, a short-term consolidation would be the most probable outcome.
The 4-Hour Chart
In the 4-hour timeframe, the price formed an ascending price channel pattern, and after being supported by the lower trendline, it started moving upward. However, the $0.4 resistance level has paused the rally for now, resulting in short-term price consolidation.
If the cryptocurrency surpasses the $0.4 level, the channel’s middle trendline and the $0.5 levels will be the next obstacles to surpass. On the other hand, if the $0.4 level rejects the price, the channel’s lower boundary will be the next significant support level.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link