During the recent market rebound, XRP has successfully breached the falling wedge pattern, which has encompassed the corrective phase of the past two months. This pattern is a bullish signal that indicates a potential price reversal. With a strong weekly close, XRP is now poised for a significant surge as it gears up for a substantial breakthrough.
#Ripple is currently surpassing $0.510 in relation to the US Dollar, just like Bitcoin. In order to maintain a bullish trend, the XRP price needs to stay above the $0.500 support level.
Following a successful breach of the $0.480 threshold, Ripple's price experienced a surge in bullish momentum against the US Dollar. The XRP/USD pair managed to surpass the resistance at $0.50, leading to a shift into a positive zone.
Ripple made a notable upward movement above the $0.512 resistance level and the 200-hourly simple moving average. The bullish momentum was strong enough to push the price above the resistance at $0.5250. Following the successful breach of $0.5250, the price went on to surpass $0.5350 and is now on the verge of breaking the resistance zone at $0.5500. A peak was reached around $0.5470, and currently, the price is consolidating its gains.
On the upside. XRP is facing resistance near $0.5470. The next major resistance is near $0.5650. If the price moves clearly above $0.5650, it could start a strong increase. In this case, the price could even surpass $0.5800. Any further gains could send the price towards $0.6000.
In the event that #XRP fails to secure a close above the resistance at $0.5650, the initial support on the downside can be found near the $0.5270 level. Additionally, a significant bullish trend line is taking shape, providing support near $0.5280 on the 4-hour chart of the XRP/USD pair. The subsequent major support level to watch for is around $0.500. Further losses may drive the price towards the $0.480 level, and if that level is breached, there is a possibility of testing the support at $0.4650.
According to Price Analysis, the current market capitalization of XRP is estimated to be around $27,810,585,097. Additionally, the trading volume of XRP over the past 24 hours has been approximately $1,247,460,220.
KEY LEVELS :
RESISTANCE LEVEL : $0.5450-$0.5650
SUPPORT LEVEL : $0.5250-$0.5100
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
