XRP Price Prediction, Is it Consolidation or a Breakout in the Cards

XRP takes support from $0.600; bull run potential above $0.650.

• According to Coingabbar Price Analysis, XRP currently exhibits a Symmetrical Triangle Pattern on the daily chart.

• The relatively flat 20-and-50-day EMA suggests short-term sideways movement.

• On the daily chart, a robust support zone forms with the 100-day and 200-day moving averages, along with the lower wedge boundary.

• A recent golden cross, where the 100-day moving average surpasses the 200-day moving average, signals a positive long-term outlook for Ripple.

• A more in-depth analysis of the 4-hour chart emphasizes a significant support area ranging from the critical $0.61 to $0.58 levels of the Fibonacci retracement.

• This range acts as a sturdy defense against sellers attempting to lower the price, contributing to the expansion of Ripple’s sideways consolidation phase.

• A potential upswing in prices may initiate with the commencement of a new rally, contingent upon a daily closure surpassing the resistance level at $0.650.

• The lingering question revolves around whether the ongoing consolidation phase will persist or if a breakout is imminent.

KEY LEVELS :

RESISTANCE LEVEL : $0.6450-$0.6750

SUPPORT LEVEL : $0.6000-$0.5700

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.