The XRP daily chart indicates a prolonged period of price rejection, lasting for multiple weeks. However, a significant development has occurred as the price has successfully established support at the 200-day moving average, currently standing at $0.41.
This breakthrough has set in motion an upward trend in the market. Accordingly, the recent phase of rejection can be characterised as a mid-term consolidation correction stage, playing a pivotal role in facilitating a robust and sustainable bullish rally.
In recent days, #RIPPLE has demonstrated a significant bullish surge. Notably, while Bitcoin's price has maintained a relatively stable position, XRP has exhibited an impressive upward movement, recording a noteworthy 11% surge over the past four days.
XRP is demonstrating encouraging indications as it remains above the $0.4450 mark against the US Dollar, mirroring the behaviour observed in Litecoin. There is a potential for further growth if the price successfully exceeds the $0.5000 level. It is worth noting that XRP has strengthened its position above $0.4100, establishing a solid foundation and embarking on a renewed upward trajectory.
XRP made a significant breakthrough by surpassing the resistance levels at $0.4350 and $0.4450, signifying a shift in market dynamics where the bulls have taken control. Moreover, the price of XRP successfully exceeded the $0.4600 level and proceeded to break through the resistance zone at $0.4700.
As a result of this breakthrough, the bulls are now positioned to surpass the psychological level. XRP reached a pinnacle of $0.4730, prompting profit-taking at higher levels. Currently, XRP is trading above $0.4500 and maintains a position above the 50 hourly simple moving average.
At the $0.470 zone, an initial resistance level emerges for XRP, coinciding with the formation of a crucial bearish trend line on the 4-hour chart of the XRP/USD pair. Another significant resistance is observed around the $0.482 mark, while the primary resistance level is positioned at $0.488. A successful breakthrough above these resistance levels could propel the price of XRP towards the $0.520 and $0.535 resistance levels, potentially triggering a surge in price.
However, in the event that XRP is unable to surpass the resistance zone at $0.480, there is a possibility of further downward movement. The initial support on the downside can be found around the $0.455 mark or the 61.8% Fibonacci retracement level, which corresponds to the upward movement from the swing low at $0.4329 to the high at $0.4869. Subsequently, the next significant support level lies near $0.440. If XRP declines below this level and closes below it, it could lead to an extended loss and a potential test of the support zone at $0.400.
Based on Price Analysis, the current market capitalization of #XRP is approximately $24,046,165,147. Moreover, the coin's trading volume over the past 24 hours stands at around $1,487,702,654.
KEY LEVELS :
RESISTANCE LEVEL : $0.4750-$0.4880
SUPPORT LEVEL : $0.4550-$0.4400
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.
