XRP holds support at $0.565 with resistance at $0.650 as traders watch for a breakout.
XRP trades between $0.565 and $0.650, with a potential breakout eyed by market participants.
XRP remains stable within a defined range as traders monitor key levels for movement.
XRP has seen its price decrease following the broader downturn in the cryptocurrency market, largely driven by Bitcoin’s performance. At press time, it was trading at $0.5934. XRP has experienced a -0.77% decline in the last 24 hours and a -2.35% decrease over the past week.
Despite the recent drop, XRP remains in a stable daily range, with a 24-hour trading volume reaching over $1.1 billion. Per analysts, the crypto is showing signs of resilience as it maintains key levels of support, which could influence its future movements in the market.
Support and Resistance Levels
An analyst named ‘CRYPTOWZRD’ posted a chart on his X profile. It showed that XRP is trading within a defined range, with key support around $0.565. This level has served as a strong foundation, preventing significant downward movement.
XRP Daily Technical Outlook:$XRP declined as it followed Bitcoin. However, XRP is still trading in a Daily range area. I will be looking to get more trades as our current trade is already secured 
pic.twitter.com/ataJju4dut
— CRYPTOWZRD (@cryptoWZRD_) August 27, 2024
Below the key support, additional support levels are visible at $0.500, $0.470, and $0.420, providing further safety nets in the event of another decline. On the upside, XRP faces resistance at $0.650, a level that has been tested but not broken in recent trading sessions. A move above this resistance could lead to a notable bullish shift, pushing XRP toward the next target levels at $0.730 and $0.850.
Traders Monitor Key Price Movements
Recently, XRP has stabilized between $0.565 and $0.650, allowing traders to secure positions while monitoring potential breakout signals. The “Quick Move Above” annotation on the chart highlights expectations of a rapid upward movement if XRP breaks through the $0.650 resistance.
However, if the token fails to surpass this level, traders will closely watch the $0.565 support level to assess the potential for further declines. The combination of strong support and resistance levels will dictate XRP’s future price movements as traders prepare for potential shifts in momentum.
XRP Faces Resistance at $0.62, Risks Pullback Below $0.60
XRP’s market cap currently stands at $33.3 billion, with a circulating supply of 56 billion tokens. This market position makes it a critical asset to watch, especially as its price remains sensitive to broader market movements. Notably, the key support and resistance levels observed in the chart significantly shape future trading strategies. Traders will continue to monitor XRP closely as market conditions evolve, particularly in relation to Bitcoin’s performance.
The post XRP Stabilizes as Traders Watch for Potential Breakout appeared first on CryptoTale.
