Ripple Price Analysis: Is a Major XRP Rally Above $0.6 Possible?
2024-10-15

Ripple is consolidating after a significant drop to the $0.5 support, following increased selling activity at the $0.66 resistance.
However, after falling below the 100 and 200-day moving averages, the price is in a low-volatility phase, suggesting a potential pullback to these MAs.XRP Analysis
By ShayanThe Daily Chart
Ripple recently experienced a significant decline, reaching the critical $0.5 support region after facing heavy selling pressure at $0.66. This led to a sharp drop below the 100-day and 200-day moving averages, signaling highlighting the solid momentum.
However, upon touching the $0.5 threshold, the decline slowed, and the price entered a slight sideways consolidation, suggesting that the selling pressure had weakened temporarily.
Despite the consolidation, the XRP price action reflects low market activity and minimal volatility, implying a possible pullback toward the previously broken MAs.
If Ripple retraces toward these levels and faces rejection, it would likely continue the downtrend, with the next long-term target around the $0.43 support. On the other hand, a breakout above these MAs could trigger a short squeeze, resulting in a significant price rally as traders covering short positions drive the price higher.The 4-Hour Chart
The 4-hour chart further highlights the recent surge in selling pressure that pushed Ripple’s price toward a decisive support zone defined by the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels.
These levels have held up as key support for the past few months, and upon reaching this region, the cryptocurrency entered a slight bullish retracement phase, though the volatility remained relatively low.
Ripple is trading within a tight range between the $0.52 support (0.5 Fibonacci level) and the $0.55 resistance. A breakout from this range will likely determine Ripple’s next short-term move. If Ripple fails to hold the 0.5 Fib level and breaks downward, the bearish decline may continue, pushing the price toward lower levels.
Conversely, if the price breaks above the $0.55 resistance, it could spark a notable surge driven by short liquidations as traders rush to close their short positions.