Ripple continues its multi-month sideways consolidation, with the price exhibiting minimal volatility. Anticipating its next move will remain challenging unless a definitive breakout from this prolonged range occurs.
By Shayan
The Daily Chart
A detailed examination of the daily chart reveals that XRP has been confined between key resistance at $0.55 and major support at $0.47, resulting in prolonged sideways consolidation characterized by minimal volatility and subdued market activity.
This range-bound movement indicates an equilibrium state between buyers and sellers, with neither side demonstrating sufficient strength to dominate the market.
Currently, Ripple is experiencing extremely low volatility, suggesting a balanced state of demand and supply. For the market to witness a robust and sustained move, either buyers or sellers must assert control with intensified demand or supply.
Nonetheless, the price faces a significant resistance zone, comprising the range’s upper limit and the 200-day moving average. If buyers manage to surpass this key zone, a lasting upward trend could potentially develop. However, considering the existing supply at this level and the lack of strong bullish momentum, continued consolidation appears more likely in the near term.
The 4-Hour Chart
On the 4-hour chart, Ripple is experiencing extremely low volatility and market activity, leading to muted price action. The cryptocurrency has reached a very tight range, bounded by the 0.5 ($0.5310) Fibonacci level and the ascending wedge’s lower boundary at $0.51.
Yet, Ripple remains at a critical juncture and is experiencing low volatility. A breakout from the current range is necessary to confirm the next trend direction.
Until then, Ripple will likely continue its sideways consolidation, with the potential for either a bullish breakout or a bearish rejection depending on market dynamics and the balance of demand and supply.
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Cryptocurrency charts by TradingView.
