NEW DELHI (CoinChapter.com) — XRP is consolidating above crucial support at $0.580 and the 100-DSMA. The bulls could aim for a fresh rally toward the $0.720 and $0.750 levels.
XRP Price Holds Key Support
This past month, XRP surged toward the $0.750 resistance before the bears appeared. There was a downside correction below $0.700, and the price tested the $0.580 support. In the past few weeks, there were a couple of attempts to clear the $0.580 support, but the bears failed to gain strength.
The recent low was formed at $0.5963 and the price is now attempting a fresh increase. There was a move above the $0.620 level and the price stayed above the 50-day simple moving average (blue).
The price is now consolidating above the $0.630 level. There is also a key contracting triangle forming with resistance near $0.675 on the daily chart. On the upside, immediate resistance sits near the $0.6480 level. It is close to the 50% Fib retracement level of the recent decline from the $0.6998 swing high to the $0.5963 low.
The first major resistance sits near the triangle trend line at $0.675. It coincides with the 76.4% Fib retracement level of the recent decline from the $0.6998 swing high to the $0.5963 low.
A successful daily close above the triangle resistance could set the stage for a fresh surge. The first major hurdle sits at $0.730. The next key resistance could be $0.750. Any more gains might send XRP price toward $0.800 or even $0.820.
Another Drop?
If XRP price fails to stay above the 100-DSMA, it could continue to move down. The first major support is near the $0.600 pivot level or the triangle’s lower trend line. If there is a close below the $0.605 and $0.600 levels, there could be a drop toward the main support at $0.580. Any more losses might spark sharp bearish moves and the price could drop to $0.474.
Overall, the price is consolidating above $0.600 and preparing for the next key move. If XRP bulls remain active above $0.600 and Bitcoin climbs again above $44,000, the price could surge toward $0.730 and then $0.800. Conversely, the price might dive toward the $0.474 support in the coming days.
