**Key Insights:**
– XRP’s price has entered a consolidation phase, maintaining its position above the support level of $0.5680.
– A significant contracting triangle is developing, with resistance positioned at $0.600 on the daily chart.
– A weekly closing above the $0.600 threshold could trigger a price surge.
XRP’s price is currently stabilizing below the $0.600 resistance level. Should it successfully establish itself above this barrier, we could witness a significant upward movement, while failure to do so may result in a new downward trend.
**XRP Price Aiming for a Key Breakout**
Over the last fortnight, XRP’s price has primarily displayed positive momentum. It initiated a substantial rise from the low of $0.5043 and surpassed the resistance zone around $0.5500. The bulls managed to elevate the price beyond $0.5650, as well as above the 50-day simple moving average (blue line).
Moreover, the price managed to close above the 50% Fibonacci retracement level from the notable decline between the swing high of $0.6319 and the low of $0.5043. Nevertheless, it now faces challenges in sustaining a position above $0.600, similar to the struggles Bitcoin encountered above $65,000 and Ethereum at $2,700.
**XRP Price Daily Chart | Source: TradingView.com**
The price of XRP attempted to establish itself above the $0.600 mark but encountered resistance near the 76.4% Fibonacci retracement level of the previous decline from $0.6319 to $0.5043. Additionally, a significant contracting triangle is forming, with its resistance also situated at $0.600 on the daily chart.
In recent news, Ripple announced details about its upcoming flagship event, ‘Swell 2024’, which attracts top minds and leaders from the payment and financial services sectors.
Presently, the price action indicates that XRP is consolidating just below the pivotal $0.600 resistance while remaining above the 50-day simple moving average (blue). This could potentially set the stage for a significant move in the near future.
Immediate resistance is located around the $0.600 level and the triangle’s trend line. A close above this resistance could pave the way for a notable price surge.
The next critical resistance level is identified near $0.6320. A decisive move and close above this zone might propel the price towards $0.6620, with further gains possibly leading to a test of the $0.700 mark.
**Potential Decline?**
On the flip side, if XRP fails to establish a foothold above $0.600, it could react negatively. Immediate support is found around the $0.5680 mark and the 50-day simple moving average (blue). A breakdown below the $0.5680 support could initiate a decline towards the $0.5450 support level or the lower trend line of the triangle.
The next significant support level lies at approximately $0.5050. Should the price fall below this, it could test the $0.500 support, with further losses potentially driving it down to $0.4620 or even $0.4330.
In summary, XRP is eyeing a crucial breakout above the $0.600 level. If the bulls prevail, a price surge of 15%-20% could be in the cards. Conversely, failure to maintain above this threshold may lead to a retracement towards $0.5050 in the following weeks.