Ripple's been on a wild ride lately! The crypto darling saw a thrilling surge in buying, pushing its price to flirt with the $0.6 mark. But just as things were heating up, it hit a bit of a speed bump and started moving sideways.
So, what's the scoop? XRP is currently playing in the $0.55-$0.64 sandbox, hinting that it might be chilling in this range for a bit.
Picture Ripple on the daily chart: it’s dancing in an ascending wedge pattern, showing off higher highs and lows. After some serious buying action near the wedge’s lower boundary around the $0.5 mark, it rocketed up to $0.6. But then, bam! It hit some resistance and decided to take a breather, moving sideways.
Right now, Ripple's hanging out in a crucial price zone. It keeps bumping its head on the $0.64 resistance level, which just won't let it pass, while finding its footing around $0.55. A breakout from this zone could be the next big headline. If buyers can push past the $0.64 resistance, we might see a short-squeeze that sends prices soaring above the wedge, sparking some serious bullish vibes.
Zooming in on the 4-hour chart, XRP is chilling in a bullish flag pattern. It recently found some solid support near $0.5 and the 0.5 Fibonacci retracement at $0.52, which gave it the boost to surge. But, the rally hit a wall at the flag’s upper boundary around $0.6, showing strong selling pressure.
Ripple's current situation is like a tug-of-war between buyers and sellers right below the $0.6 mark. If the buyers can break through, the next big hurdle is the $0.64 resistance. But if they get pushed back, Ripple might slide back towards the flag pattern's lower boundary, close to that $0.55 support zone. Keep your eyes peeled – this could get interesting!
