Key Takeaways:
XRP price started a consolidation phase below the $0.620 resistance zone.
A key contracting triangle is forming with resistance at $0.6120 on the daily chart.
The price must settle above $0.6220 and $0.6420 to continue higher.
New Delhi(Coinchapter.com): XRP price is holding gains above the $0.5500 zone. It seems like the bulls are aiming for a key upside break above the $0.620 resistance.
XRP Price Is Still In A Positive Zone
After a sharp decline, the price found support near the $0.480 support zone. A base was formed and XRP started a fresh increase. There was a strong increase, and the price retested the $0.6420 zone. It is now consolidating gains below the $0.6350 zone.
There was a downward move below the $0.60 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6425 high.
XRP price daily chart | Source: TradingView.com
However, the price stayed above the 50-day simple moving average (blue) like Bitcoin. The bulls seem to be in control and the price is showing positive signs near the $0.60 level. The price also stayed above the 50% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6425 high.
XRP price is now rising and trading just above $0.600. Immediate resistance is near the $0.6080 level. There is also a key contracting triangle forming with resistance at $0.6120 on the daily chart.
The first major resistance is near the $0.6320 level. The main resistance sits at $0.6420 level. To continue higher, XRP must clear the triangle resistance and $0.6420. The next key barrier sits near the $0.6650 and $0.6720 levels. A convincing move and close above the $0.6720 resistance zone could set the tone for more upsides.
In the stated case, the price might climb and test the $0.780 resistance. Any more gains might open the doors for a test of $0.80.
Another Decline?
Conversely, XRP price might fail to settle above the triangle resistance or $0.6420. In the stated case, there could be a downside correction. Immediate support sits near the $0.5350 level and the 50-day simple moving average.
The next major support is seen near the $0.4880 level, below which the price could test $0.450 support. A downside break below the $0.450 support might set the pace for a fresh bearish wave. In the stated case, the price may decline toward the $0.480 level or even $0.4050.
Overall, XRP price is aiming for more upsides above $0.6220. If the bulls remain in action, the price could pump above the $0.6420 and $0.6550 resistance levels.
The post XRP Price Consolidation: Setting Sights on Higher Targets appeared first on CoinChapter.
