Key Takeaways:
- XRP crypto price is still struggling to settle above the $0.630 and $0.660 resistance levels.
- A crucial bearish trend line is forming with resistance at $0.630 on the weekly chart.
- The price is now above the 50-week simple moving average and might aim for a fresh surge.
XRP coin is consolidating above the $0.5320 pivot level. The price could start a fresh surge in September 2024 if it settles above the $0.660 resistance.
XRP Coin Price Eyes Key Upside Break
In the past few weeks, we saw many swing moves from the $0.660 and $0.70 resistance levels. However, XRP coin remained well-supported, above the $0.420 level. Recently, there was another upward move from the $0.4332 low.
The crypto price climbed above the $0.500 and $0.5320 resistance levels. It even cleared the 50-week simple moving average. However, the bears are still active near the $0.630 resistance zone. A high was formed at $0.6319 and the price is now consolidating gains like Bitcoin.
There was a minor pullback below the $0.60 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6319 high.
XRP is now stable near the 50-week simple moving average and might aim for another increase. On the upside, immediate resistance sits at $0.60. The first major hurdle is at $0.630. There is also a crucial bearish trend line forming with resistance at $0.630 on the weekly chart.
A close above the trend line resistance could set the tone for more upsides. The next resistance above the trend line sits near the $0.660 level. An upside break above the $0.660 resistance could open the doors for a move toward the main resistance at $0.7420.
If the bulls succeed in clearing the $0.7420 resistance, it could pump XRP coin and send it toward the $0.850 resistance or even $0.90 in the coming weeks.
Recently, Ripple took part in WebX on Aug 28-29, Asia’s largest crypto conference. It discussed and showcased growing opportunities for traditional finance with RWA tokenization.
Another Rejection?
Conversely, XRP crypto price might fail to clear $0.630 or $0.660 and start another decline. Immediate support on the downside is near the $0.550 level and the 50-week simple moving average. The next key support sits at $0.5320 or the 50% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6319 high.
If the bulls fail to protect the $0.5320 support, there might be a strong decline. The next major support is $0.480. A downside break below the $0.480 support might increase selling pressure. In the stated case, the price may decline toward the $0.4250 level.
Overall, XRP coin price is consolidating above the 50-week DSMA. To start a fresh surge in the coming days, the price must settle above $0.630 and $0.660. If not, it could revisit $0.480.
