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Can Ripple Rise to $0.62? Current XRP Analysis

  • If Ripple (XRP) price continues to close daily candles above the level of $0.4765, it can continue its upward trend towards the level of $0.625.
  • In order for XRP price to continue its rise, it is important to close daily candles above the level of $0.55. In this case, the next target is the level of $0.58.
  • If Ripple cannot surpass the mentioned resistance levels, it may enter a downward trend starting from the level of $0.48.

Looking at Ripple’s XRP token’s medium-term technical chart, it continues its upward trend. XRP price has the potential to rise further if it can overcome certain resistance levels. However, a downward movement of XRP is also emphasized in short-term analysis.

Medium-Term XRP Price Analysis

Daily XRP/USD Price Chart

Daily XRP/USD Price Chart

When Ripple’s medium-term technical chart is examined, it is observed that it continues its upward trend. XRP price can continue its upward trend towards the level of $0.625 as long as it closes daily candles above the level of $0.4765, as mentioned in the analysis.

However, there are two resistance levels in front of XRP price before this rise. As you can see in the technical chart above, XRP price needs to close daily candles above the level of $0.55 in order to continue its rise.

If XRP price closes daily candles above the level of $0.55, its next target will be the level of $0.58.

If Ripple cannot surpass the mentioned resistance levels, it may direct its price towards a downward trend starting from the level of $0.48.

Short-Term XRP Price Analysis

15 Minute XRP/USDT Price Chart

15 Minute XRP/USDT Price Chart

When Ripple’s short-term price chart is examined, it is seen that it experienced a downward movement due to selling pressure from the 30-minute resistance level.

If XRP price closes 30-minute candles below the mentioned level of $0.53, the Optimal Trade Entry (OTE) zone can be determined by drawing the Fibonacci retracement from the last high to the last low, and then waiting for confirmation to take a short position from the OTE zone.

The short setup mentioned above is presented as an example. After observing a candle closing below the level of $0.53, a drawing should be made using Fibonacci and the OTE zone should be determined. Then, a short position can be taken by waiting for the price to reach this zone.

XRP price may want to clear the short liquidity at the level of $0.5418 mentioned in the analysis. Therefore, the stop-loss level should be placed above the level of $0.5418.

If XRP price closes candles above the level of $0.5418, it indicates that it wants to continue its upward trend.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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