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Two Critical Levels to Watch for XRP Following the 8% Crash (Ripple Price Analysis)

CryptoVizArt 2024.04.02 22:03

Ripple has extended its recent period of consolidation, with the price witnessing an 8% decline towards the critical support level of $0.6. However, Ripple’s price is expected to receive support, with a modest rebound towards the $0.7 threshold anticipated.

XRP Analysis

By Shayan

The Daily Chart

Upon a closer examination of the daily chart, it’s evident that Ripple has been in a phase of sideways consolidation characterized by minimal volatility. It oscillates between the crucial support zone of $0.6 and the significant resistance level of $0.67, which indicates a tug-of-war between buyers and sellers in the market.

However, the price recently underwent an 8% drop, finding itself at the critical support level of $0.6. This aligns with the dynamic support provided by the upper trendline of the multi-month triangle pattern. Consequently, given the potential for demand to emerge near this key level, a reversal is anticipated.

Nevertheless, Ripple’s price remains trapped within a critical range on a broader scale, bounded by the crucial resistance at $0.7 and the significant support at $0.6 until a breakout occurs.

Source: TradingView

The 4-Hour Chart

A closer analysis of the 4-hour chart reveals Ripple’s uncertain price action within the pivotal range of $0.6 support and $0.67 resistance. Despite this, the recent decline toward the $0.6 support level and the dynamic support of the multi-month ascending trendline suggest a potential rebound.

Nonetheless, XRP seems more likely to continue fluctuating within the substantial support region of $0.6 and the notable resistance level of $0.67, hinting at the likelihood of prolonged consolidation until a breakout materializes.

A breach above the $0.67 threshold would likely set the stage for a surge towards the yearly high of $0.74, which is the next target for Ripple’s price trajectory.

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Source: TradingView
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Cryptocurrency charts by TradingView.

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