XRP’s price has been relatively stable around the 200-day moving average at $0.54, a crucial support level. Due to potential demand at this point, it's expected that XRP will move sideways for a while, possibly heading towards the $0.64 resistance level in the near term.
After facing some resistance at $0.63, XRP's price dropped back to around $0.55, aligning with the 200-day moving average, which provides strong support. Currently, the price is consolidating within a range defined by the $0.63 resistance and $0.55 support levels, showing little movement in either direction.
In the short term, XRP is likely to continue fluctuating within this range. The direction of the next significant move will be determined by whether the price breaks above the $0.63 resistance or falls below the $0.55 support.
The 4-hour chart shows a recent bearish correction with weak momentum, and the price is now stable around the $0.55 support level, which has historically been strong. XRP is also within a descending flag pattern, suggesting that if the price breaks above this pattern, it could continue the bullish trend.
There is currently a battle between buyers and sellers around the $0.55 mark. The price action suggests that buying pressure might increase in the coming days, potentially leading to a rally toward the $0.64 resistance level. However, if the price drops below this support, the next target would likely be within the 0.5-0.618 Fibonacci retracement range.
