Ripple analysis; Can XRP break through its 5-month resistance?
Ripple's analysis shows that this digital currency has difficulty crossing the $0.64 resistance.
List of titles
Summary of analysis
- Ripple has managed to avoid a death cross.
- However, its $0.64 resistance is still standing.
According to BIN Crypto, the growth of Ripple
XRP:
It has caused many of its holders to hope that this digital currency will pass its 5-month resistance.
Ripple analysis
Ripple's analysis also shows that this token was able to avoid a death crossing and did not fall further. On the contrary, after this intersection, a new golden intersection appeared in its chart and was able to help the growth of this digital currency.
A golden intersection occurs when the 50-day EMA crosses above the 200-day EMA. This incident has strengthened the confidence of Ripple holders and brought this digital currency above the level of $0.50.
Ripple's funding rate also shows that the positive feelings of its holders continued in the previous month. In such a situation, experienced traders decide to maintain their long positions by paying more premiums and fees.
These positive feelings are very important; Because Ripple is above the 23.6% Fibonacci retracement area. It is worth noting that the mentioned level is considered a very important support and traders should be very careful about it.
Important Ripple resistance
Ripple's next most important resistance is the $0.64 level. This resistance has existed since the middle of March (Esfand 1402) and is located next to the 50% Fibonacci retracement savior. However, the Ripple price must first break through the $0.60 barrier in order to reach the $0.64 level. The $0.60 barrier is also near the 38.2% Fibonacci retracement area and would provide excellent support for Ripple if broken.
However, if Ripple fails to break through the $0.64 resistance, it is likely to re-enter the consolidation phase. Ripple is likely to hold the support of the 23.6% retracement Fibonacci area, but this event invalidates its bullish scenario.
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