The post XRP on Verge of Breakout? Key Resistance Level Revealed appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. XRP, the seventh largest cryptocurrency, faces a crucial test as it makes frantic efforts to establish a fresh price move. The outcome of this test could determine its short-term price trajectory, with a potential breakout paving the way for significant gains. Technical analysis pinpoints a key resistance level that could pave the way for XRP price’s upward trajectory. If XRP can break above this resistance, it could trigger a surge in buying activity, pushing the price toward higher targets. Conversely, failure to break through might extend the current consolidation or a potential pullback. The resistance level at $0.578, which coincides with the daily SMA 200, has been identified as key for the XRP price. This level along with the daily SMA 50 at $0.529 had constricted XRP price since mid-April. XRP recently saw a breakout past the daily SMA 50, leaving it with the daily SMA 200 to contend with. XRP/USD Daily Chart, Courtesy: TradingView A successful breach of this barrier could signal a bullish reversal, potentially leading to a 40% rise and allowing XRP to reclaim its March high of $0.748. However, before it can reach this high, it must first overcome barrier levels at $0.642 and $0.662. This scenario also depends on XRP sustaining above the daily SMA 50. In light of this, market analysts…

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Filed under: News - @ May 26, 2024 2:28 pm