Ripple has recently experienced a significant bullish surge, starting from the $0.42 support level and reaching up to the 200-day MA at around $0.54. The main challenge for Ripple now is breaking through the resistance at $0.54-$0.55, where selling pressure is currently high.
Analyzing the daily chart, XRP found strong buying interest near the crucial $0.42 support region, leading to a notable increase in price. Ripple has successfully surpassed key resistance levels, including the channel’s upper boundary and the 100-day Moving Average at $0.50. However, the cryptocurrency now faces a major hurdle at the 200-day MA of $0.54, coupled with a static resistance zone at $0.55.
On the 4-hour chart, Ripple exhibited a bullish trend driven by increased demand around $0.4. The cryptocurrency broke above $0.47 and a multi-month descending trendline, signaling a resurgence in bullish momentum. Currently, XRP faces resistance at the $0.57 mark, with potential for further gains towards the $0.62 resistance zone if this level is breached.
Overall, Ripple is in a critical phase where breaking through key resistance levels could lead to sustained bullish momentum. However, a period of consolidation or correction may be expected in the short to mid-term.