Rally

Major

bullish

Daily

<p>Ripple is consolidating after a significant drop to the $0.5 support, following increased selling activity at the $0.66 resistance.</p>
<p>However, after falling below the 100 and 200-day moving averages, the price is in a low-volatility phase, suggesting a potential pullback to these MAs.</p>
<h1 id="xrp-analysis">XRP Analysis</h1>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h2 id="the-daily-chart">The Daily Chart</h2>
<p>Ripple recently experienced a significant decline, reaching the critical $0.5 support region after facing heavy selling pressure at $0.66. This led to a sharp drop below the 100-day and 200-day moving averages, signaling highlighting the solid momentum.</p>
<p>However, upon touching the $0.5 threshold, the decline slowed, and the price entered a slight sideways consolidation, suggesting that the selling pressure had weakened temporarily.</p>
<p>Despite the consolidation, the XRP price action reflects low market activity and minimal volatility, implying a possible pullback toward the previously broken MAs.</p>
<p>If Ripple retraces toward these levels and faces rejection, it would likely continue the downtrend, with the next long-term target around the $0.43 support. On the other hand, a breakout above these MAs could trigger a short squeeze, resulting in a significant price rally as traders covering short positions drive the price higher.</p>
<figure id="attachment_366207" aria-describedby="caption-attachment-366207" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-D-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-366207" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="the-4-hour-chart">The 4-Hour Chart</h2>
<p>The 4-hour chart further highlights the recent surge in selling pressure that pushed Ripple’s price toward a decisive support zone defined by the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels.</p>
<p>These levels have held up as key support for the past few months, and upon reaching this region, the cryptocurrency entered a slight bullish retracement phase, though the volatility remained relatively low.</p>
<p>Ripple is trading within a tight range between the $0.52 support (0.5 Fibonacci level) and the $0.55 resistance. A breakout from this range will likely determine Ripple’s next short-term move. If Ripple fails to hold the 0.5 Fib level and breaks downward, the bearish decline may continue, pushing the price toward lower levels.</p>
<p>Conversely, if the price breaks above the $0.55 resistance, it could spark a notable surge driven by short liquidations as traders rush to close their short positions.</p>
<figure id="attachment_366208" aria-describedby="caption-attachment-366208" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-366208 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-scaled.jpg" alt="xrp_price_chart_1510242" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-4H-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-366208" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/ripple-price-analysis-is-a-major-xrp-rally-above-0-6-possible/" rel="noopener noreferrer nofollow">Ripple Price Analysis: Is a Major XRP Rally Above $0.6 Possible?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ripple Price Analysis: Is a Major XRP Rally Above $0.6 Possible?

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