Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ripple Price Analysis: XRP Explodes 20% Weekly, Here Are the Next Targets

Ripple Price Analysis: XRP Explodes 20% Weekly, Here Are the Next Targets

CryptopotatoCryptopotato2024/07/14 15:20
By:Author: CryptoVizArt

Ripple has demonstrated a strong bullish surge from the $0.42 support region, reclaiming significant resistance levels up to the 200-day MA around $0.54. The main challenge lies in overcoming the resistance at $0.54-$0.55, where significant selling pressure is present.

XRP Analysis

By Shayan

The Daily Chart

An in-depth analysis of the daily chart reveals that XRP faced increased buying interest near the crucial support region of the multi-month descending channel’s middle boundary at $0.42, leading to a notable bullish surge in its price. Following this resurgence of demand, Ripple has reclaimed multiple decisive resistance zones, including:

  • Channel’s Upper Boundary: Ripple successfully surpassed this level, breaking out of the descending channel pattern.
  • 100-day Moving Average: The price moved above this MA at around $0.50, indicating strengthened bullish momentum.

Currently, Ripple encounters significant resistance at the 200-day MA of $0.54. This moving average aligns with a static resistance zone of $0.55, making it a substantial barrier for further price increases.

Upon reaching this resistance zone, Ripple faced heightened selling pressure, reducing bullish momentum. However, the price is currently consolidating near this critical level.

If the cryptocurrency stabilizes and breaks above the $0.55 resistance, it could lead to a sustained bullish trend toward the next major resistance at $0.60. Nevertheless,  a temporary period of consolidation is expected in the mid-term due to the potential presence of supply near this critical juncture.

The 4-Hour Chart

On the 4-hour chart, Ripple exhibited a notable bullish trend, driven by increased demand near the $0.4 mark. This buying activity led to a breakout above $0.47. XRP breached this key resistance level, which also involved surpassing a multi-month descending trendline, indicating a bullish resurgence.

Currently, the cryptocurrency faces substantial resistance around the $0.57 mark, a level that has previously caused rejections.

If Ripple successfully breaches this resistance, it could continue its bullish trend, targeting the $0.62 resistance zone. Conversely, if the price faces rejection, a consolidation correction stage within the $0.57-$0.47 range is likely.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

The Largest BTC Theft in History: After 5 Years of Silence, the Involved Amount Reached $14.5 Billion

LuBian Pool was hacked in December 2020, with over 127,000 BTC stolen, valued at $3.5 billion at the time, now worth approximately $14.5 billion.

BlockBeats2025/08/04 06:52
The Largest BTC Theft in History: After 5 Years of Silence, the Involved Amount Reached $14.5 Billion