Ripple's Ascendance: Navigating Waters of Resistance and Momentum Surges

After surging above the 100 and 200-day moving averages, Ripple's value gained momentum, initiating a robust upward trend towards its previous daily peak. Should the ongoing surge persist, its next objective might be the crucial resistance zone hovering around $0.8.

Analysis of the Daily Chart

Upon meticulous examination of the daily chart, Ripple's value showcased a phase of lateral consolidation, succeeded by a promising uptrend that successfully reclaimed the 100-day and 200-day moving averages, situated approximately at $0.54.

Continuing its ascent, the value formed higher highs and higher lows, signaling the presence of active buyers. Nevertheless, it's vital to acknowledge the proximity to a substantial resistance area, highlighted by the prior significant daily peak at approximately $0.75.

Should the buyers conquer this pivotal price range, the upward trend could extend towards more critical resistance levels. Despite the prevailing bullish momentum, a temporary setback followed by a downturn remains conceivable, given the historical impact of this resistance on Ripple's upward movement in mid-August.

Source: TradingView

Insights from the 4-Hour Chart

Shifting attention to the 4-hour chart, a prolonged downtrend discovered robust support at $0.47, prompting a brief sideways phase. The subsequent resurgence in bullish activity witnessed market participants entering the scene, propelling Ripple's value higher and establishing a noticeable uptrend, reaching a crucial resistance zone.

This resistance area, delineated by the price range between the 0.5 and 0.618 levels of the Fibonacci retracement, poses a substantial obstacle for buyers.

At present, the value has faced a mild rejection in this pivotal zone, suggesting a potential reversal. If this reversal materializes, the price might undergo a consolidation correction, retracing back to the $0.53 support area.

However, should XRP breach the 0.618 level of the Fibonacci retracement successfully, this scenario would be nullified, potentially paving the way for further upward momentum.

Source: TradingView

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