Key Takeaways:
- XRP price started a new increase above the $0.50 resistance.
- It traded above a major bearish trend line with resistance at $0.495 on the daily chart.
- The price could correct a few points, but the bulls might remain in action for a new increase.
NEW DELHI (CoinChapter.com) — Ripple’s XRP is up over 10%, signaling a bullish breakout. The price might rise further toward the $0.58 and $0.60 levels in the coming days.
XRP Price Starts Fresh Rally
This month, XRP price formed a strong support base above the $0.410 level against the US Dollar. The price increased above the $0.432 and $0.450 resistance levels.
The bulls pumped the price above the 50-day simple moving average to start a steady uptrend. The recent market sentiment improved for Ripple, sparking bullish moves in XRP, and it even outperformed both Bitcoin and Ethereum.
During the increase, it traded above a major bearish trend line with resistance at $0.495 on the daily chart. The price now faces offers near the 61.8% Fib retracement level of the main decline from the $0.585 swing high to the $0.410 low.
On the upside, the price seems to be facing resistance near $0.525. The first major resistance is near the $0.544 level or the 76.4% Fib retracement level of the main decline from the $0.585 swing high to the $0.410 low.
A daily close above $0.545 might start another decent increase. The next major resistance is near the $0.585 zone, above which the price might rise toward the $0.60 level. After that, more gains might push the price toward the $0.62 resistance.
Downside Correction?
It could correct lower if the XRP price fails to settle above $0.525. The first major support is near the $0.50 level and the broken trend line region. The next major support is near the $0.47 level and the 50-day simple moving average (blue).
A downside break below the $0.47 support might start a major decline. As a result, XRP may decline toward the $0.432 level in the stated case. Any more losses below $0.432 might send the price toward the last swing low at $0.410 in the coming days.
The XRP price is over 10%, showing positive signs above $0.50. If there is a break above $0.525, the bulls might aim a move toward $0.60. Conversely, the price could start a downside correction and drop toward $0.470.
