Key Takeaways:
XRP price survived a major crash and recovered above $0.5600.
A major contracting triangle is forming with resistance at $0.6020 on the weekly chart.
The price is now above the 50-week simple moving average and might aim for a key upside break.
XRP bulls
XRP stayed above the $0.500 support zone. The price is rising and outpacing Bitcoin, but it might face rejections near $0.6020 or $0.620.
XRP Price Faces Uphill Task
After facing a fresh rejection near the $0.6320 zone, XRP price saw a bearish wave below the $0.600 pivot level like Bitcoin. It even traded below the $0.550 support level, but the bulls managed to protect the $0.500 support zone.
A low was formed at $0.5043 and the price is now recovering losses. It outperformed both BTC and ETH, clearing the $0.550 resistance zone and the 50-week simple moving average.
XRP price weekly chart | Source: TradingView.com
There was a clear move above the 50% Fib retracement level of the downward move from the $0.6319 swing high to the $0.5043 low. The last two weekly candles are positive and suggest an increase in demand.
However, XRP is now approaching a couple of important hurdles at $0.600. On the upside, immediate resistance sits at $0.60. The first major hurdle is at $0.6020. There is also a major contracting triangle forming with resistance at $0.6020 on the weekly chart. It is close to the 76.4% Fib retracement level of the downward move from the $0.6319 swing high to the $0.5043 low.
A close above the triangle resistance could set the tone for more upsides. The next resistance above the triangle sits near the $0.6320 level. An upside break above the $0.6320 resistance could open the doors for a move toward the main resistance at $0.6620.
If the bulls succeed in clearing the $0.6620 resistance, it could pump XRP and send it toward the $0.750 resistance or even $0.820 in the coming weeks.
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Another Rejection?
Conversely, XRP price might fail to clear $0.600 or $0.6020 and start another decline. Immediate support on the downside is near the $0.560 level and the 50-week simple moving average. The next key support sits at $0.530 or the triangle’s lower trend line.
If the bulls fail to protect the $0.530 support, there might be a strong decline. The next major support is $0.500. A downside break below the $0.500 support might spark a crash. In the stated case, the price may decline toward the $0.4450 level.
Overall, XRP price is reviving and trading above the 50-week DSMA. However, it must clear the $0.6020 resistance and then gain pace toward $0.6620 for a sustained move in the coming weeks.
The post XRP Price Revival Story: Can Bulls Conquer These Key Challenges? appeared first on CoinChapter.
