Summary:
XRP price is currently consolidating above the $0.5080 support zone. On the daily chart, a key rising channel is forming with support at $0.5300. The price could experience bullish momentum if it manages to clear the $0.5600 resistance level.
XRP price is currently in a tight range above $0.500. In order to see a steady increase, the price needs to surpass the 50-day simple moving average (blue).
After being rejected near the $0.6660 zone, the XRP price faced a bearish reaction and dropped below the $0.6250 and $0.600 support levels. However, it found support above $0.500.
The price is currently consolidating near the 23.6% Fib retracement level of the downward move from the $0.6660 swing high to the $0.5086 low.
The XRP price is trading within a small range and is encountering strong resistance near the 50-day simple moving average (blue) and $0.5600. To see a steady increase, the price needs to settle above the $0.5600 resistance level.
The next significant hurdle is around the $0.5880 level. The first major resistance level could be the 61.8% Fib retracement level at $0.6060.
If the price manages to break and close above the $0.6060 resistance level, it could potentially reach the $0.6660 level. Further gains could lead to a test of $0.6850. The next major pivot zone is $0.7200, and a break above this level could result in a surge towards $0.8800.
On the downside, if the XRP price fails to clear the $0.560 resistance level, it could react with a downward move. Immediate support is near the $0.530 level. On the daily chart, a key rising channel is forming with support at $0.5300.
The first major support level is at $0.5080. A break below this support level could lead to a drop towards the $0.4450 support level. The next major support level is near $0.4320, and a break below this level could test the $0.4020 support level. Further losses could push the price towards $0.3850 or even $0.3720.
Overall, the XRP price is currently consolidating above the $0.530 and $0.5080 support levels. To gain bullish momentum, the price needs to settle above the $0.560 resistance level.
