According to CryptoPotato, Ripple's recent price action suggests a potential shift in momentum. Analyzing the daily chart, Ripple experienced a pullback to the 200-day moving average at $0.54, which led to a rally towards the critical $0.64 resistance. This resistance aligns with a previous major swing high, posing a significant challenge for buyers. If the bulls can surpass this level, Ripple could continue its positive trend towards the yearly high of $0.7440. However, the presence of supply near this resistance and a slight bearish divergence between the price and the RSI indicator suggest a possible temporary correction, with the price consolidating within the $0.55-$0.64 range.
On the 4-hour chart, Ripple's bullish momentum encountered selling pressure at the $0.64 resistance, resulting in upward consolidation and the formation of an ascending wedge pattern. The price is now at the narrowest range of this pattern, indicating an imminent breakout. Despite this, the bearish divergence between the price and the RSI indicator on the 4-hour timeframe and the potential supply near $0.64 suggest a slight rejection followed by short-term consolidation is more likely. If the price breaks below the wedge's lower boundary, it could drop towards the $0.55 threshold. In a more extended corrective phase, potential targets for Ripple include the 0.5 ($0.5) and 0.618 ($0.47) Fibonacci levels.
