NEW DELHI (CoinChapter.com) — XRP price is consolidating above $0.520 and below the 100-day simple moving average (SMA). The price might soon rally if it settles above the $0.575 resistance zone.
XRP Price Aims For Key Upside Break
XRP saw a steady increase from the $0.485 support zone in the past few days. A base was formed, and the price climbed above the $0.520 resistance zone, but the upsides were limited compared to Bitcoin and Ethereum.
There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.7330 swing high to the $0.4833 low. More importantly, the price settled above the $0.550 pivot level and the 50-day simple moving average (blue).
The current price action is positive and suggests more upsides. XRP is now attempting a crucial upside break near $0.575. A major bearish trend line is forming with resistance at $0.575 on the daily chart.
Today is an important day as the SEC v. Ripple lawsuit will see a formal end of its remedies-related discovery phase. Many traders, whales, and accumulators are waiting in anticipation of the next steps in the legal battle.
A clear upside break above the triangle resistance and a daily close above $0.580 could start a major rally in the coming days.
The first major resistance sits near the $0.608 level. The main resistance could be near the $0.6380 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.7330 swing high to the $0.4833 low, above which the price could surge toward the $0.6750 zone. Any more gains might cost $0.730 or even $0.750.
Another Rejection?
Conversely, the XRP price might fail to settle above the $0.575 and $0.580 levels. In the stated case, there could be another pullback. Immediate support is near the $0.540 level and the 50-day simple moving average (blue).
The next major support is near the $0.520 level, below which the bears might aim for a move toward the $0.500 level. The next crucial level is $0.485, where the bulls might take a stand. Any more losses might open the doors for a move toward the $0.442 support.
Overall, the price shows positive signs above $0.550 and the 50-day SMA. If XRP bulls clear the $0.575 hurdle, there could be a steady increase toward $0.635 or even $0.70. On the other hand, there might be another drop toward the $0.520 support.
