Key Takeaways:
XRP price is still facing resistance at the 50-day simple moving average (blue line) and $0.550.
There is a significant contracting triangle formed on the daily chart with resistance at $0.5380.
If the price stabilizes above the 50-day simple moving average (blue line) and $0.550, a rebound is likely.

XRP price is about to explode
read
CoinChapter.com
At
Google News
New Delhi (CoinChapter.com) — XRP is trading in a contracting range below the USD 0.550 level. The price is likely to start a fresh increase if there is a close above the USD 0.550 and USD 0.570 levels.

XRP Price Eyes a Breakout
In past analyses, we discussed the importance of XRP’s closing price (blue) and its 50-week simple moving average. The price struggled to stabilize above the aforementioned moving average and slowly declined, underperforming Bitcoin and Ethereum.

The last swing high was formed at the $0.570 resistance area before the price declined. The price declined at the $0.550 support area and remained below the 50-day simple moving average (blue line). The price declined below the 50% Fibonacci retracement level of the upward move from the $0.4654 swing low to $0.5718 high.

The bulls are active near the $0.490 support area and the 76.4% Fibonacci retracement level of the upward move from the $0.4654 swing low to $0.5718 high.

The price is now struggling to start a fresh increase. On the daily chart, a significant contracting triangle is forming with resistance at $0.5380. An immediate resistance above is at the 50-day simple moving average (blue line) at $0.520.

The first resistance is near the $0.5350 level and the triangle area. If the triangle resistance is broken, the price could move towards the main resistance area at $0.570.

If the price closes above the $0.570 resistance, it is likely to start a new increase. In such a case, the price is likely to rise and test the $0.6660 resistance. If the bulls succeed in pushing the price above the $0.6660 resistance, there is a possibility of steady increases in the coming days. The next target could be $0.750.

More losses?
Conversely, XRP price might struggle to break the $0.5350 and $0.550 resistance levels. An immediate support is near the $0.500 area and the downtrend line of the triangle.

The first support is at $0.490. The main uptrend support is near $0.4650. If the $0.4650 support is broken, it could trigger a major decline. In such a case, the price could drop to the $0.40 level.

Overall, XRP price is looking to break out of the $0.5350 and $0.550 resistance levels. If the bulls succeed, the price could rise in the coming days and test the $0.6660 resistance level.