XRP News: Ripple (XRP) Faces Challenges as It Tries to Reclaim $0.65, Despite Recent Gains

XRP News: Ripple (XRP) Faces Challenges as It Tries to Reclaim $0.65, Despite Recent Gains

XRP News – XRP has seen a modest price increase recently, currently hovering around $0.53 after dropping to $0.50 earlier in the week. However, despite these gains, the path to higher levels, particularly the $0.65 mark, may be fraught with obstacles.

Ripple Struggles to Gain Momentum

The daily chart highlights a supply zone near $0.57, a critical resistance level that XRP has previously tried to break through. At present, the token lacks the buying pressure needed to retest this level.

The Parabolic Stop-and-Reverse (SAR) indicator reinforces this cautious outlook. The SAR, a technical tool often used to identify trend shifts, signals a bullish reversal when the price rises above its dotted lines. Conversely, a bearish reversal occurs when these dotted lines appear above the price.

In August, XRP briefly surged to $0.61 following a bullish SAR signal. However, at the time of writing, the SAR’s dotted lines have moved above XRP’s current price, indicating potential resistance between $0.57 and $0.63.

Adding to the bearish sentiment is the Bull Bear Power (BBP) indicator, which gauges market strength between buyers and sellers. A positive BBP suggests bulls are in control and could drive the price higher. Unfortunately for XRP, the BBP remains in negative territory, signaling strong selling pressure and dominance by the bears.

XRP Price Outlook: Could It Drop to $0.48?

A closer look at the daily chart shows the development of a bearish twin peak on the Awesome Oscillator (AO), a pattern that indicates potential downward momentum. This occurs when two successive green peaks on the AO are followed by a lower second peak, pointing to a likely downtrend.

With this setup forming on the chart, XRP’s attempt to climb toward $0.55 may fall short, with the token possibly retreating to $0.48 or lower.

Nevertheless, if XRP manages to break above the $0.57 resistance, it could invalidate the bearish forecast. In that case, the price could surge beyond $0.63, setting the stage for a potential move toward $0.65.