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After a solid bullish rebound, Ripple’s price surged to the $0.60 level. However, it has since entered a brief consolidation phase, which may pave the way for further upward movement toward the significant $0.64 resistance.
A closer look at Ripple’s daily chart reveals that following an increase in demand around the key 100-day and 200-day moving averages, buying activity intensified, leading to a sharp price surge toward the $0.60 mark. Although Ripple’s upward momentum has temporarily paused, the price has now entered a short-term consolidation at this level. This phase is likely to be followed by a continuation of the bullish trend, with XRP targeting the critical $0.64 resistance level, a zone that has consistently challenged buyers in recent months.
Should sellers regain control of this resistance, XRP’s price could face a reversal, potentially declining back toward the $0.55 support region. On the other hand, if buyers manage to break through the $0.64 resistance, the bullish trend is expected to continue, signaling a shift in market sentiment.On the 4-hour chart, XRP saw increased buying interest at the 0.5 Fibonacci retracement level , which coincides with the lower boundary of a descending flag pattern.
If the cryptocurrency successfully breaks above $0.62, the bullish trend is likely to continue, with the price targeting the $0.64 threshold. However, failure to break through this resistance could lead to a bearish rejection, with the price potentially retracing back to the $0.55 static support area.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.
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