**Key Insights:**
XRP’s price is currently in a consolidation phase, maintaining stability above the support level of $0.5680.
A significant contracting triangle is taking shape, presenting resistance at the $0.600 mark on the daily chart.
If XRP manages to close above the $0.600 resistance on a weekly basis, it could trigger a notable price surge.
XRP’s price is hovering just below the $0.600 threshold. A breakout above this level could lead to a substantial increase, while failure to do so may result in another significant downturn.
**XRP’s Price Looks Toward Potential Breakout**
Over the last fortnight, XRP has predominantly experienced upward momentum. It initiated a solid rally from a low of $0.5043, breaching the $0.5500 resistance area. The bulls drove the price past $0.5650, surpassing the 50-day simple moving average (highlighted in blue).
The price has closed above the 50% Fibonacci retracement level, which corresponds to the significant decline from the swing high of $0.6319 to the low of $0.5043. Nonetheless, XRP is currently facing challenges in establishing itself above the $0.600 level, similar to Bitcoin’s struggle above $65,000 and Ethereum’s at $2,700.
*XRP price daily chart | Source: TradingView.com*
XRP has made attempts to break through the $0.600 level but has encountered resistance near the 76.4% Fibonacci retracement of the decline from $0.6319 to $0.5043. Additionally, a major contracting triangle is forming, with resistance also located at $0.600 on the daily chart.
Recently, Ripple unveiled details regarding its annual premier event – ‘Swell 2024’, which attracts top minds and leaders in the payments and financial services sectors.
The current price dynamics indicate that XRP is consolidating below the $0.600 resistance while remaining above the 50-day simple moving average (in blue). This suggests that a significant price movement may be on the horizon in the upcoming days.
Immediate resistance is evident around the $0.600 mark and along the triangle’s trend line. A decisive close above this triangle’s resistance could pave the way for a new upward movement.
The next critical resistance level is located near $0.6320. A robust move and close above this zone could propel the price towards $0.6620. Additional gains may lead to a challenge of the $0.700 mark.
**What If Prices Decline?**
On the other hand, if XRP fails to maintain its position above $0.600, it may react negatively. Immediate support is seen around the $0.5680 level and the 50-day simple moving average (in blue). A breakdown below the $0.5680 support could trigger a decline towards the $0.5450 support level or the lower trend line of the triangle.
The next significant support lies near $0.5050, and a breach below this level could see prices testing the $0.500 mark. Further losses might push the price down to $0.4620 or even $0.4330.
In summary, XRP is poised for a crucial upside breakout above $0.600. Should the bulls prevail, a surge of 15%-20% is plausible. Conversely, if they falter, the price may retreat and revisit the $0.5050 level in the weeks ahead.
