Key Takeaways:
XRP price started a major rally above the $0.50 resistance zone.
It cleared a crucial bearish trend line with resistance at $0.470 on the daily chart.
The price is now consolidating gains and might eye additional gains above 0.550.
XRP rise concept art
NEW DELHI (CoinChapter.com) — XRP started a fresh surge above $0.470 and $0.50. The current price action is bullish, and the bulls could aim for additional moves above $0.550.
XRP Price Signals Break and Aims More Upsides
In the last technical analysis, we discussed how XRP price might aim for a fresh rally if it clears the $0.470 and $0.500 resistance levels. In the past few sessions, the price saw a substantial increase in buying interest, sparking an upside break above the $0.50 resistance zone.
The price cleared a crucial bearish trend line with resistance at $0.470 on the daily chart to start a fresh surge. The recent bullish moves in Bitcoin and Ethereum also helped XRP in gaining traction above the $0.50 resistance zone.
XRP price daily chart | Source: TradingView.com
The price was able to climb above the $0.520 resistance level and the 50-day simple moving average (blue). Finally, the price tested the $0.5625 resistance zone and the 50% Fib retracement level of the key decline from the $0.7424 swing high to the $0.3831 low.
There was a minor rejection noted near the $0.5625 resistance zone. The price corrected gains and dipped below $0.5250. It is now consolidating near the $0.520 zone.
It seems like XRP bulls are aiming for a fresh increase. Immediate resistance is near the $0.550 level. The first major resistance is forming near the $0.5625 level. If the bulls push the price above the $0.5625 resistance, there could be another 10%-15% increase.
The next major resistance is near the $0.6575 level. It is close to the 76.4% Fib retracement level of the key decline from the $0.7424 swing high to the $0.3831 low. The next key resistance sits near the 0.6880 level, above which the price could accelerate higher. In the stated case, the price might climb and test the $0.70 resistance.
Recently, Ripple’s CEO, Brad Garlinghouse, remembered July 13, 2023, as the anniversary of the crypto firm’s win against the U.S. Securities and Exchange Commission (SEC).
July 13, 2023 – that day was a very good day – for Ripple and the entire industry. And for me personally, a core memory!We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the… https://t.co/m4W1eRsIf7
— Brad Garlinghouse (@bgarlinghouse) July 12, 2024
Are Downsides Limited?
Conversely, XRP price might fail to surpass the $0.550 and $0.5650 resistance levels. In the stated case, there could be a downside correction. Immediate support sits near the $0.5050 level.
The first major support sits at $0.480, the 50-day simple moving average, and the recent breakout zone. The next key support is near the $0.4650 level, below which the price could slide and test the $0.420 support. A downside break below the $0.420 support might set the pace for more losses. In the stated case, the price may decline toward the $0.400 level or even $0.3850.
Overall, XRP price is signaling a major breakout above $0.50. If the bulls remain in action, there is a chance of a move above the $0.5650 and $0.600 levels in the coming days.
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