• XRP has recently broken above the 100-day moving average and the descending trendline, leading to an uptrend reaching a resistance region of $0.55.
• The recent FUD has weakened Ripple’s bullish momentum in this crucial zone and created uncertainty.
• If successful, XRP will be more likely to embark on a long-term bullish rally with occasional short-term correction phases.
XRP Reaches Critical Resistance Zone
Ripple recently initiated an upward trend after surpassing both the 100-day moving average and the descending trendline, reaching a significant resistance region at $0.55.
Recent FUD Weakens Bulls
The recent FUD (Fear, Uncertainty, and Doubt) spreading into the market has weakened the bullish trend’s momentum, creating uncertainty around XRP’s ability to break past its current resistance level of $0.55.
Long Term Bullish Rally on Horizon?
If Ripple is able to break past its current resistance level of $0.55, it will likely enter into a long term bullish rally with occasional short-term correction phases.
Daily Chart Analysis
Taking a closer look at the daily chart, once the price surpassed the 100-day moving average at $0.44 it went through a brief correction before eventually breaking out above the descending trendline at $0.46 and continuing its upward momentum towards its current resistance level of $0.55.
4 Hour Chart Analysis
On the 4 hour chart we can see that after finding support around $0.42, Ripple’s price began trending upwards and broke out above the mid line of an ascending channel before ultimately reaching its current critical resistance zone of $0.55.