Ripple’s XRP has been making progress towards breaking the $0.64 resistance level, signifying a positive sentiment in the market. However, there is a catch. After facing slight resistance near this level, the price pulled back to the broken 200-day moving average at $0.54. Despite this, XRP saw increased buying pressure, indicating a bullish sentiment.
Buyers are now eager to push the price above the $0.64 resistance in the mid-term. However, due to the elevated levels of the RSI indicator, it is expected that there will be a temporary period of sideways consolidation within the $0.53-$0.64 range before another attempt is made to reclaim the critical $0.64 resistance.
Looking at the 4-hour chart, it is clear that the bullish rally is continuing, with the price reaching the $0.64 level. However, there was significant selling pressure at this point, possibly due to profit-taking from long positions. This led to a pullback towards the $0.54 support region, but buying pressure once again initiated another surge.
During these fluctuations, an ascending trendline has formed, constraining XRP between this trendline and the significant $0.64 resistance level. This suggests that there will be consolidation within this range until a breakout occurs. If the price manages to break above the $0.64 mark, it is likely to start a new bullish trend towards the crucial $0.7 region.