XRP’s price is on the brink of a significant breakthrough.
XRP price is consolidating below the 50-day simple moving average, forming a crucial contracting triangle with resistance at $0.4880 on the daily chart. The next major move for the price could be either towards $0.5670 or below $0.450.
Struggling to surpass the $0.50 pivot level, XRP may experience a recovery wave if the bulls can clear the $0.4800 and $0.5050 resistance levels.
In the previous technical analysis, XRP’s price experienced a significant drop below the $0.520 and $0.5050 support levels, resulting in a close below the $0.50 level and the 50-day simple moving average. This led to a low of $0.4526, followed by a consolidation phase.
Despite a minor increase above the $0.4850 and $0.4920 resistance levels, the price was limited in its upside potential. Trading well below the $0.50 pivot level and the 50-day simple moving average, a critical contracting triangle is now forming on the daily chart, with resistance at $0.4880.
If the bulls manage to push the price above the triangle resistance zone at $0.4880, a bullish reaction may follow. The first major resistance level is near $0.5050, followed by the 50-day simple moving average. Further resistance levels are at $0.5320 and $0.5675.
Conversely, if the price breaks down and extends losses below the triangle support at $0.4650, it may find support at $0.4520 and $0.440. A downside break below $0.4140 could lead to more losses, potentially declining towards $0.400 or even $0.3850.
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In conclusion, XRP’s price remains in a bearish zone below $0.5050, and a recovery wave would require the bulls to push the price above the $0.4880 and $0.5050 resistance levels.