XRP Seems Poised to Keep Climbing Despite Recent Rejection

Ripple has encountered a slight rejection at the $2.8 mark, leading to a minor decline.

However, the asset is approaching a substantial support range, increasing the likelihood of an upcoming bullish rebound in the broader outlook.

XRP Analysis

By Shayan

The Daily Chart

RP has been fluctuating within an expanding wedge pattern, with the price showing signs of consolidation and low trading activity. Despite the market’s indecision, sellers face multiple key support zones that could act as strong defense levels for buyers. These include the 100-day moving average at $2.3, the crucial $2 support range, and the significant support region bounded by the 0.5 ($1.9) and 0.618 ($1.6) Fibonacci levels.

The confluence of these support levels strengthens the probability of a notable bullish rebound in the long term, with further consolidation remaining the most likely short-term outcome.

The 4-Hour Chart

On the 4-hour timeframe, it is evident that the price has been rejected at the crucial short-term resistance of $2.8, culminating in a slight decline.

Nevertheless, a crucial dynamic support range is on the asset’s path, including the ascending wedge’s lower boundary of $2.3, which is expected to halt the downward move in the short-term.

However, in the event of a break below this crucial juncture, further cascades toward the $2 key support will become possible, as a long liquidation will occur due to the breakout. Hence, XRP’s price action around the wedge’s lower boundary is decisive for short-term prospects.