Key Takeaways:
XRP price has entered a period of consolidation above the $0.5680 support level.
On the daily chart, a significant contracting triangle is forming with resistance at $0.600.
If the price can close above the $0.600 resistance level for the week, it could potentially surge.
XRP price is currently consolidating below the $0.600 barrier. However, if it manages to settle above $0.600, it could see a significant surge in price. On the other hand, it could also experience a major decline.
XRP Price Aims for a Breakthrough
Over the past two weeks, XRP price has generally been experiencing positive movements. It began a decent increase from its low of $0.5043 and surpassed the $0.5500 resistance zone. The bulls successfully pushed the price above $0.5650 and the 50-day simple moving average (blue).
The price closed above the 50% Fibonacci retracement level of the significant decline from the swing high of $0.6319 to the low of $0.5043. However, it is currently struggling to settle above $0.600, similar to Bitcoin’s struggle above $65,000 and Ethereum’s position at $2,700.
XRP price daily chart | Source:
TradingView.com
XRP price made an attempt to settle above $0.600 but faced difficulty near the 76.4% Fibonacci retracement level of the significant decline from the swing high of $0.6319 to the low of $0.5043. Additionally, there is a major contracting triangle forming with resistance at $0.600 on the daily chart.
Recently, Ripple announced details about its annual flagship event, “Swell 2024,” which brings together industry leaders and experts in the field of payments and financial services.
Based on the current price action, it appears that the price is consolidating below the $0.600 resistance level but above the 50-day simple moving average (blue). This suggests that it may be preparing for its next move in the coming days.
The immediate resistance is near the $0.600 level and the trend line of the triangle. If the price can close above the resistance of the triangle, it could lead to a significant surge in price.
The next key barrier lies near the $0.6320 level. If the price convincingly breaks and closes above the $0.6320 resistance zone, it could move towards the $0.6620 level. Further gains may even open the door for a test of $0.700.
A Potential Decline?
Conversely, XRP price may fail to settle above $0.60 and experience a downward reaction. Immediate support can be found near the $0.5680 level and the 50-day simple moving average (blue). If the price breaks below the support of $0.5680, it could drop towards the $0.5450 support level or the lower trend line of the triangle.
The next significant support level is located near $0.5050, and a breach of this level could lead to a test of the $0.500 support. Further losses may push the price towards the $0.4620 level or even $0.4330.
In summary, XRP price is currently aiming for a significant breakthrough above $0.600. If successful, the price could surge by 15%-20%. However, if the breakthrough fails, the price may retrace its gains and revisit the $0.5050 level in the coming weeks.