Is XRP Preparing for a Massive Rally Above $0.7? (Ripple Price Analysis)

Ripple is experiencing uncertain market activity, as the price lacks clear momentum.

However, the price has now reached a critical, narrow range, with a breakout being necessary to establish an eventual trend.

by Cheyenne

Daily chart

A detailed look at the daily chart reveals that Ripple price was confined within a critical range, surrounded by a major resistance at $0.55 and a major support at $0.47, leading to a long-term sideways price movement. This pattern mirrors the behavior observed from August to November 2023, before Ripple began an impulsive bullish rally towards the $0.73 resistance level, reclaiming the 100-day and 200-day moving averages.

Currently, XRP is showing similar price action within the same range, competing with a large resistance area that includes the upper limit of the range and the 200-day moving average.

If buyers break through this critical zone, a permanent upward trend may develop. However, given the current supply and lack of strong upward pressure, rejection seems more likely in the near term.

Four-hour chart

On the 4-hour chart, Ripple price experienced very low volatility and market activity, resulting in weak price action. This indicates an uncertainty within the market regarding Ripple's next path. The price reached a narrow range, bounded by the 0.5 Fibonacci level ($0.5310) and the lower limit of the rising wedge at $0.51.

A break below the pattern's lower trend line could trigger a bearish bounce towards the stable support at $0.48.

Conversely, if buyers break the 0.5 Fibonacci level, the next target will be the 0.618 Fibonacci level ($0.5574) in the short term. In conclusion, Ripple is at a critical juncture, with a breakout of the current range needed to confirm the next trend direction.