Key Takeaways:
XRP price is still facing hurdles near the 50-day simple moving average (blue) and $0.550. An important contracting triangle is forming with resistance at $0.5380 on the daily chart. The price could rally if it settles above the 50-day simple moving average (blue) and $0.550.NEW DELHI (CoinChapter.com) — XRP is trading in a contracting range below $0.550. The price could start a fresh surge if there is a close above the $0.550 and $0.570 levels.
XRP Price Eyes Breakout
In the past few analyses, we discussed the importance of a close above the 50-day simple moving average (blue) and the 50-week simple moving average for XRP. The price struggled to settle above the stated MAs and slowly moved lower, underperforming Bitcoin and Ethereum.
The last swing high was formed near the $0.570 resistance zone before the price dipped. There was a move below the $0.550 support zone and remained below the 50-day simple moving average (blue). The price dipped below the 50% Fib retracement level of the upward move from the $0.4654 swing low to the $0.5718 high.
XRP price daily chart | Source: TradingView.comThe bulls were active near the $0.490 support zone and the 76.4% Fib retracement level of the upward move from the $0.4654 swing low to the $0.5718 high.
The price is now struggling to start a fresh increase. On the daily chart, an important contracting triangle is forming with resistance at $0.5380. Immediate resistance on the upside sits near the 50-day simple moving average (blue) at $0.520.
The first major resistance is near the $0.5350 and the triangle region. A close above the triangle resistance might send the price toward the main hurdle at $0.570.
A daily close above the $0.570 resistance might start a fresh surge. In this case, the price might rally and test the $0.6660 resistance. If the bulls manage to push the price above the $0.6660 resistance, there could be a steady increase in the coming days. Their next stop might be $0.750.
More Losses?
Conversely, the XRP price might struggle to clear the $0.5350 and $0.550 resistance levels. Immediate support sits near the $0.500 zone and the triangle lower trend line.
The first major support sits at $0.490. The main uptrend support sits near $0.4650. A downside break below the $0.4650 support might set the pace for a major decline. In the stated case, the price may decline toward the $0.40 level.
Overall, XRP price is eyeing an upside break above $0.5350 and $0.550. If the bulls succeed, the price could surge and test the $0.6660 resistance in the coming days.
The post XRP Price Poised to Explode: Is a Major Surge on the Horizon? appeared first on CoinChapter.
