XRP Price Signals Bullish Breakout But Can Bulls Overcome This Key Hurdle?
Key Takeaways:
XRP coin price is attempting a fresh increase above the $0.500 resistance.
It broke a major bearish trend line with resistance near $0.488 on the daily chart.
The price could face strong resistance at $0.550 and the 50-day simple moving average.
XRP Price Signals Bullish Breakout | Photo by Edu Lauton on Unsplash
New Delhi(CoinChapter.com): Ripple’s XRP price is signalling a fresh increase above $0.50. However, the bulls need to push the price above $0.550 to start a real uptrend.
XRP Price Eyes Fresh Uptrend
In the past few days, Bitcoin, Ethereum, XRP, and other altcoins saw a decent upward move against the US Dollar. XRP price started a steady upward move above the $0.480 resistance zone.
During the increase, the price broke a major bearish trend line with resistance near $0.488 on the daily chart. The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.5501 swing high to the $0.4593 low.
Ripple’s XRP price daily chart | Source: XRP/USD on TradingView.com
The current price action is slightly bullish above the $0.50 resistance zone. Bitcoin price also showed some positive signs recently and was able to climb above $27,000.
On the upside, XRP price seems to be facing resistance near $0.528. It is close to the 76.4% Fib retracement level of the downward move from the $0.5501 swing high to the $0.4593 low. The main resistance sits near the $0.550 region and the 50-day simple moving average.
A clear move above the $0.550 zone could start a strong increase. In the stated case, the price may perhaps rise toward the $0.600 level or even test the 1.618 Fib extension level of the downward move from the $0.5501 swing high to the $0.4593 low. Any more gains might push the price toward the $0.685 resistance.
Another decline in the price of XRP coin?
If XRP price fails to settle above $0.550, it could start another decline. The first major support is near the $0.50 pivot level. The next major support is near the $0.485 level.
The main breakdown support is near $0.450. A downside break below the $0.450 support might start a major decline. In the stated case, XRP may perhaps decline toward the $0.412 level. Any more losses below $0.412 might send the price toward $0.385.
Overall, XRP price is eyeing a major upside break above the $0.550 resistance. If the bulls succeed, the price could drift toward $0.600 or even $0.685. Conversely, the price might struggle and start a fresh decline toward the $0.450 support.
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Filed under: Bitcoin - @ September 20, 2023 2:15 pm