Key Takeaways:

XRP price rallied nearly 20% and broke the $0.700 resistance.

It broke a key declining channel with resistance at $0.5660 on the daily chart.

The price could start a major uptrend if it settles above $0.750.

NEW DELHI (CoinChapter.com) — XRP is eyeing a major bullish move above the $0.750 resistance. The price could accelerate higher toward the $0.850 and $0.880 resistance levels.

XRP Price Regains Strength

In the last analysis, we discussed why XRP could rally over 20% in the near term. The price formed a support base above the $0.5250 pivot level. It cleared a key declining channel with resistance at $0.5660 on the daily chart.

The channel breakout sparked a fresh increase. Today, the price gained over 20% and there was a spike above the $0.700 resistance, outperforming Bitcoin and Ethereum. The price tested the key barrier at $0.740 and settled well above the 50-day simple moving average (blue).

XRP price daily chart | Source: TradingView.com

A high was formed at $0.7424 and the price is now consolidating gains. There was a minor pullback below the $0.7220 level. XRP price traded close to the 23.6% Fib retracement level of the recent increase from the $0.4857 swing low to the $0.7424 high.

It seems like the price might consolidate above $0.680 for some time before attempting another increase. The first major resistance is near the $0.7220 level.

The main resistance sits at $0.750. If XRP bulls manage to push the price above the $0.750 resistance, there could be a strong drift. The next stop for them might be $0.850. Any more gains might send the price toward $0.880 or even $0.920.

Another Rejection?

Conversely, XRP price might fail to clear the $0.7220 and $0.750 resistance levels. In the stated case, there could be another pullback. Immediate support is near the $0.680 level.

The next major support is near the $0.6150 level or the 50% Fib retracement level of the recent increase from the $0.4857 swing low to the $0.7424 high. The main support is now forming near the $0.5650 level or the 50-day simple moving average (blue).

A downside break and close below $0.5650 might spark bearish moves in XRP. The next support is $0.542, where the bulls might take a stand. Any more losses might open the doors for a move toward the $0.4850 support.

Overall, the price is attempting a major bullish break above the $0.750 resistance. If the bulls succeed, XRP could rally another 20% and test $0.850. On the other hand, there might be another drop toward the $0.5650 support.

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Filed under: Bitcoin - @ March 12, 2024 8:14 am