Key Takeaways:
XRP price is still struggling to settle above the 50-day simple moving average (blue) and $0.570. A crucial contracting triangle is forming with resistance at $0.550 on the daily chart. The price could rally if it settles above the 50-day simple moving average (blue) and $0.570.NEW DELHI (CoinChapter.com) — XRP is consolidating in a contracting range above $0.490. A clear move above $0.550 and $0.570 could start a major increase in the coming days.
XRP Price Holds Support
In the past few weeks, we have been discussing the importance of the 50-day simple moving average (blue) and the 50-week simple moving average for XRP. The bears continued to defend an upside break and the price remained in a range below $0.570, while Bitcoin and Ethereum gained bullish momentum.
The last major high was formed at $0.6431 and the low was at $0.4154. The price seems to be consolidating near the 50% Fib retracement level of the downward move from the $0.6431 swing high to the $0.4154 low.
XRP price daily chart | Source: TradingView.comThe bulls are struggling to push the price above the $0.570 resistance and the 50-day simple moving average (blue). Immediate resistance on the upside sits at $0.550 and the 61.8% Fib retracement level of the downward move from the $0.6431 swing high to the $0.4154 low.
There is also a crucial contracting triangle forming with resistance at $0.550 on the daily chart. A close above the 50-day simple moving average (blue) and the triangle resistance could increase the chances of a move above the main hurdle at $0.570.
A daily close above the $0.570 resistance might initiate a strong increase. In the stated 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 decent increase in the coming days. The next stop for them might be $0.750.
Downside Break?
Conversely, XRP price might struggle to clear the $0.550 and $0.570 resistance levels. The first major support sits at $0.50. The main uptrend support sits near $0.4685. A downside break below the $0.4685 support might set the pace for a major decline. In the stated case, the price may decline toward the $0.4150 level.
Overall, XRP price is eyeing an upside break above $0.550 and $0.570. If the bulls succeed, it could spark a sustained upward move toward $0.570 in the coming days.
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