XRP Bulls Take Charge, Targeting $0.56 Next (Ripple Price Analysis)

The outlook for XRP is currently bullish, with the recent price action pointing to an upward trend. Notably, the cryptocurrency found support at both the 100-day and 200-day moving averages and continued to rise.

As a result, there is a possibility of targeting the important resistance at $0.55 area.

Technical Analysis

by Cheyenne

daily chart

After a period of consolidation and correction, the price found support around $0.41, which coincided with the 200-day moving average. This led to an uptrend and a break above the 100-day moving average at $0.445. Interestingly, the price saw a pullback to the 100-day moving average and continued its bullish rally, confirming the breakout.

Moreover, XRP price recently crossed the upper boundary of a bearish flag pattern at around $0.4644. This breach is a strong signal of buying pressure in this range.

These recent moves suggest that XRP investors may be looking to break out of the critical area at $0.56. If successful, it may embark on a long-term bullish rally, with occasional short-term correction phases.

4 hour chart

On the 4-hour time frame, the primary barrier at the moment is a major resistance area located around the $0.48 price area, which aligns with the mid-line boundary of the ascending channel.

If the price continues to rise and then returns to the broken trend line, the breakout is considered valid. Participants should expect another upside move towards subsequent resistance levels in such a scenario.