Ripple Price Analysis: Has XRP Run Out of Juice After 9% Weekly Rally?
Ripple has reached a notable price range at the $2.4 mark, aligning with a confluence of key resistances. Considering the insufficient bullish momentum, the price is expected to face selling pressure, likely leading to a sideways consolidation, before any breakout emerges.
XRP Analysis
The Daily Chart
XRP has recently retraced upward, testing the critical $2.4 resistance level, an area that aligns with the upper boundary of a long-standing wedge pattern. Despite this bullish attempt, the momentum appears weak, with no convincing signs of sustained buying strength. This $2.4 zone also coincides with the 100-day moving average, reinforcing it as a robust supply area and making it a challenging barrier for bulls to overcome.
Given the lack of sufficient market demand and momentum, a rejection from this level is likely, setting the stage for a period of sideways consolidation. Broader market structure indicates that Ripple remains confined between the 100-day and 200-day MAs. A decisive breakout from this range is essential for the market to gain clear direction and witness an impulsive move, either to the upside or downside.
The 4-Hour Chart
On the lower time frame, XRP’s waning bullish momentum becomes more apparent as the price approaches the significant $2.4 mark. Here, the formation of a potential three-drives pattern suggests buyer exhaustion. The $2.4 level has served as both support and resistance multiple times during the recent consolidation phase, emphasizing its psychological importance.
Even if Ripple manages to break above $2.4, the next immediate hurdle lies at the wedge’s upper boundary around $2.5. Only after reclaiming both these levels can buyers aim for the crucial $3 psychological threshold. In the short term, however, a minor pullback seems likely before bulls can mount a stronger attempt to push higher.
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Ripple Price Analysis: Has XRP Run Out of Juice After 9% Weekly Rally?
Ripple has reached a notable price range at the $2.4 mark, aligning with a confluence of key resistances. Considering the insufficient bullish momentum, the price is expected to face selling pressure, likely leading to a sideways consolidation, before any breakout emerges.
XRP Analysis
The Daily Chart
XRP has recently retraced upward, testing the critical $2.4 resistance level, an area that aligns with the upper boundary of a long-standing wedge pattern. Despite this bullish attempt, the momentum appears weak, with no convincing signs of sustained buying strength. This $2.4 zone also coincides with the 100-day moving average, reinforcing it as a robust supply area and making it a challenging barrier for bulls to overcome.
Given the lack of sufficient market demand and momentum, a rejection from this level is likely, setting the stage for a period of sideways consolidation. Broader market structure indicates that Ripple remains confined between the 100-day and 200-day MAs. A decisive breakout from this range is essential for the market to gain clear direction and witness an impulsive move, either to the upside or downside.
The 4-Hour Chart
On the lower time frame, XRP’s waning bullish momentum becomes more apparent as the price approaches the significant $2.4 mark. Here, the formation of a potential three-drives pattern suggests buyer exhaustion. The $2.4 level has served as both support and resistance multiple times during the recent consolidation phase, emphasizing its psychological importance.
Even if Ripple manages to break above $2.4, the next immediate hurdle lies at the wedge’s upper boundary around $2.5. Only after reclaiming both these levels can buyers aim for the crucial $3 psychological threshold. In the short term, however, a minor pullback seems likely before bulls can mount a stronger attempt to push higher.
The post Ripple Price Analysis: Has XRP Run Out of Juice After 9% Weekly Rally? appeared first on CryptoPotato.
Read More