Trapped in a sideways range in the 4-hour chart, the XRP price prepares for a breakout run as the RSI divergence signals high demand.
Despite the recent development announcement concerning the XRP Ledger, the XRP price is struggling to find a boost. Trapped in a bear market within a range, XRP is ready to launch.
Will the market stabilize for a successful launch in XRP prices?
The Range, Death Cross, and XRP Breakout Chances
In the 4-hour chart, the XRP price action reveals a consolidation phase extending between $0.54 and $0.56 to avoid an intense correction amid the bear market. The Fibonacci levels retracement over the early August correction reveals the consolidation phase bound between the 50% and 61.80% Fibonacci levels.
However, the consolidation comes after a minor correction from the $0.64 monthly peak, resulting in an overall bearish influence. Due to this, the 50 and 200 EMA in the 4-hour chart give a death cross event and regain a bearish alignment.
However, the bottom formation in the consolidation range reveals a bullish divergence in the RSI line.
Hence, the underlying demand for the token is increasing and projecting a potential bullish breakout. Currently, the XRP price is trading at $0.55145 with an intraday fall of 1.15%.
Over the last week, the XRP price fell by 8.76%. However, this week, it maintains a 0.69% on the upside.
Will XRP Top $0.65?
Recently, the attorney Fred Rispolli commented that the SEC appeal in the XRP lawsuit is likely to happen after 2026, which could potentially decouple XRP’s price movement from the lawsuit’s outcome.
Hence, the upcoming price movements will likely be dependent upon the ecosystem growth of the cross-border payment system.
Furthermore, Brad Garlinghouse, CEO of Ripple, teased the Ripple stablecoin RLUSD with a launch date weeks away. The XRP price failed to bounce back with such a key move to explore the stablecoin avenue. However, the sentiments are turning gradually.
Nevertheless, the RSI divergence is enough for a bullish comeback in the short term. The 61.80% Fibonacci level breakout at $0.5665 will find overhead targets at $0.60 and $0.65, which are 0.786 and 100% Fibonacci.
On the bottom side, the two crucial supports are present at the 38.20% and 23.60% levels, which are $0.51 and $0.49, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
