NEW DELHI (CoinChapter.com) — XRP is signaling a bullish breakout above $0.565 and the 100-DSMA. The price could accelerate higher toward the $0.700 and $0.732 resistance levels.
XRP Price Signals Bullish Breakout
In the last analysis, we discussed the high chances of a bullish breakout in XRP from the $0.4850 support zone. The price did move higher and settled above the $0.550 pivot level. Recently, Bitcoin and Ethereum saw strong bullish moves above $60,000 and $3,200 respectively.
XRP also made some positive moves above the 50-day simple moving average (blue). More importantly, it broke a crucial bearish trend line with resistance at $0.565 on the daily chart, opening the doors for more upsides.
The bulls pushed the price toward the $0.608 resistance. The price tested the 50% Fib retracement level of the key decline from the $0.7330 swing high to the $0.4833 low. It is now consolidating gains below the $0.608 resistance and positioned well above the 50-day simple moving average (blue).
If XRP bulls manage to push the price above the $0.608 resistance, there could be a strong drift. The next stop for them might be $0.6740. It is close to the 76.4% Fib retracement level of the key decline from the $0.7330 swing high to the $0.4833 low. Any more gains might send the price toward $0.730 or even $0.750.
Another Decline?
Conversely, XRP price might fail to settle above the $0.600 and $0.608 levels. In the stated case, there could be another pullback. Immediate support is near the $0.565 level and a connecting bullish trend line on the same chart.
The next major support is near the $0.542 level and the 50-day simple moving average (blue), below which the bears might aim for a move toward the $0.500 level. The main support is $0.485, where the bulls might take a stand. Any more losses might open the doors for a move toward the $0.432 support.
Overall, the price is showing signs of strength above the 50-day SMA. If XRP bulls succeed in clearing the $0.608 resistance, the price could continue higher toward $0.674 or even $0.732. On the other hand, there might be another drop toward the $0.542 support.
