Key Takeaways:
- XRP price could start a fresh surge if it clears the $0.5540 resistance.
- It broke a major bearish trend line with resistance near $0.505 on the daily chart.
- The price shows bullish signs above $0.525 and the 50-day simple moving average.
NEW DELHI (CoinChapter.com) — XRP awaits a major upside break above $0.5540. If the recent Bitcoin rally does not lose steam, XRP could surge over 25% and test $0.70.
XRP Price Eyes Fresh Uptrend
Bitcoin started a strong rally in the past few sessions and gained over 15%. There were fresh ETF Speculations and listing rumors, sparking a sharp 15% surge in BTC. It also lifted the crypto market sentiment and helped cryptocurrencies like Ethereum, Solana, Cardano, and XRP.
XRP managed to stay above the main uptrend support at $0.450. As a result, a fresh increase was initiated above the $0.50 resistance. It also broke a major bearish trend line with resistance near $0.505 on the daily chart.
More importantly, the price settled above the $0.525 level and the 50-day simple moving average. It tests a major breakout resistance near the 23.6% Fib retracement level of the downward move from the $0.9445 swing high to the $0.4201 low.
If the market sentiment does not change and Bitcoin remains stable above $32,500, there are chances of an upside break in XRP above the $0.5540 resistance.
A successful daily close above the stated resistance could spark a strong rally. The first major hurdle sits at $0.60. The main target for the bulls above $0.60 could be the 50% Fib retracement level of the downward move from the $0.9445 swing high to the $0.4201 low. Any more gains might cost $0.70 or even $0.720.
Another Rejection?
If the XRP price fails to settle above $0.554, another decline could start. The first major support is near the $0.525 pivot level. The next major support is near the $0.505 level and the 50-day simple moving average.
If there is a close below the $0.505 and $0.50 levels, there could be a drop toward the main support at $0.450. A downside break below the $0.450 support might start a major decline. The price may decline toward the $0.412 level in the stated case.
Overall, XRP price is eyeing a major upside break above the $0.554 resistance. If the bulls succeed, the price could drift toward $0.685 or even $0.70. Conversely, the price might struggle and start a fresh decline toward the $0.50 support.
