Main Points:
– XRP price is currently consolidating above the $0.5680 support level.
– On the daily chart, a major contracting triangle is forming with resistance at $0.600.
– If there is a weekly close above the $0.600 resistance, the price could see a surge.
– However, if the price fails to settle above $0.600, it may experience another major decline.
– Ripple recently announced its annual event, ‘Swell 2024’, which attracts leaders in the payments and financial services industry.
– The current price action suggests that XRP is consolidating below the $0.600 resistance and above the 50-day simple moving average.
– The immediate resistance is at $0.600 and the triangle’s trend line. A breakout above this resistance could lead to a fresh surge.
– The next key barrier is at $0.6320, and a move above this level could send the price towards $0.6620.
– On the downside, immediate support is at $0.5680 and the 50-day simple moving average. A break below this support could lead to a drop towards $0.5450 or the triangle’s lower trend line.
– The next major support levels are at $0.5050, $0.500, $0.4620, and $0.4330.
– XRP price has the potential to surge 15%-20% if it breaks above $0.600, but if not, it may revisit $0.5050 in the coming weeks.