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.
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.
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.
Investors are always on the search for the next high-potential crypto coins to invest in.…
Notcoin, a new social clicker game within the Telegram messaging app, is gaining immense popularity…
Bitcoin is not devoid of bullish cues, which could help the prime crypto token's price…
With its official launch slated for May 2024, Winbit is already making waves with its…
SBI VC Trade Joins XRP Ledger SBI VC Trade, Japan's leading cryptocurrency exchange, has launched…
Meme AI Breaks Out With 900% Volume Spike NAIROBI (Coinchapter.com) - Meme AI (MEMEAI), has…