Key Takeaways:
XRP price started a consolidation phase above the $0.5680 support.
A major contracting triangle is forming with resistance at $0.600 on the daily chart.
The price could surge if there is a weekly close above the $0.600 resistance.
XRP price is consolidating below the $0.600 barrier. The price could surge if it settles above $0.600 or start another major decline.
XRP Price Eyes Key Upside Break
In the past two weeks, XRP price mostly saw positive moves. It started a decent increase from the $0.5043 low and climbed above the $0.5500 resistance zone. The bulls pushed the price above $0.5650 and the 50-day simple moving average (blue).
There was a close above the 50% Fib retracement level of the key decline from the $0.6319 swing high to the $0.5043 low. However, the price is now struggling to settle above $0.600, like Bitcoin above $65,000 and Ethereum at $2,700.
XRP price daily chart | Source:
TradingView.com
XRP price
tried to settle above $0.600, but it struggled near the 76.4% Fib retracement level of the key decline from the $0.6319 swing high to the $0.5043 low. There is also a major contracting triangle forming with resistance at $0.600 on the daily chart.
Recently, Ripple shared details of its annual flagship event – ‘Swell 2024’. It draws the brightest minds and leaders across payments and financial services.
The current price action suggests that the price is consolidating below the $0.600 resistance and above the 50-day simple moving average (blue). It seems to be setting up for the next move in the coming days.
Immediate resistance is near the $0.600 level and the triangle’s trend line. A close above the triangle resistance could open the doors for a fresh surge.
The next key barrier sits near the $0.6320 level. A convincing move and close above the $0.6320 resistance zone could send the price toward the $0.6620 level. Any more gains might open the doors for a test of $0.700.
Another Drop?
Conversely, XRP price might fail to settle above $0.60 and react to the downside. Immediate support is near the $0.5680 level and 50-day simple moving average (blue). A downside break below the $0.5680 support might call for a drop toward the $0.5450 support or the triangle’s lower trend line.
The next major support is seen near the $0.5050 level, below which the price could test $0.500 support. Any more losses might send the price toward the $0.4620 level or even $0.4330.
Overall, XRP price is eyeing a key upside break above $0.600. If the bulls succeed, the price could surge 15%-20%. If not, it might trim gains and revisit $0.5050 in the coming weeks.
