The XRP price has been on a solid upward trend, but it recently reached a significant resistance region at $0.55. This resulted in a surge of volatility in the past few days, leading to a rejection toward the 100-day moving average and the channel’s middle trendline. Currently, the XRP price is consolidating without providing any solid indication of its future direction.
Daily Chart Analysis
Taking a closer look at the daily chart, once the XRP price hit the significant resistance at $0.55, it faced extreme volatility. This led to a rejection and a decline toward the 100-day moving average, located around $0.47. Furthermore, a double-top pattern has formed at the $0.55 zone, indicating a bearish outlook for Ripple in the short term. Nevertheless, it seems likely that the price will consolidate within a range bounded by the static resistance region of $0.55 and the dynamic support level of the 100-day moving average, currently positioned at $0.465, until a breakout occurs in either direction.
4-Hour Chart Analysis
Analyzing the 4-hour chart, on June 5th, the XRP price retraced back to the middle trendline of the ascending channel. Subsequently, it initiated a bullish move in an attempt to surpass the $0.55 region. However, the selling pressure in that area halted the uptrend, resulting in a significant rejection toward the mid-boundary of the channel. Ultimately, Ripple’s price found support for the second time at the middle boundary, which stands at $0.47, and started another upward move. Nevertheless, it seems more likely that the cryptocurrency will consolidate within the range of the significant resistance at $0.55 and the middle boundary of the channel for the mid-term.
The XRP price is facing resistance at $0.55, resulting in a surge of volatility and rejection towards the 100-day moving average and the channel’s middle trendline. The daily chart shows a double-top pattern indicating a bearish outlook in the short term while the 4-hour chart analysis suggests that the price will consolidate within a range bounded by the significant resistance at $0.55 and the middle boundary of the channel for the mid-term. The future direction of XRP price remains uncertain until a breakout occurs in either direction.