U.Today - As of late, keen observers of the four-hour trading chart will notice an intriguing retracement in XRP's price , revealing more than meets the eye.
From a closer examination of the chart, it is evident that has been making a sharp reversal from its local price levels. This ascending trend indicates a strong likelihood of the cryptocurrency reaching its local resistance at $0.55 in the near future. This point of resistance holds significant weight as it has historically served as a tipping point for XRP's price actions. But what happens once it reaches this pivotal level?
Bullish scenario:
If XRP manages to breach the $0.55 resistance level with substantial volume, it could set the stage for a bullish trend. A break above this point might serve as a confirmation for many traders that the momentum is strong, potentially propelling the price further upward. Immediate resistance might be encountered around the $0.60 mark, given previous interactions at this level. But if this level is surpassed, the sky's the limit for the bullish trajectory.Source: TradingView