Summary: XRP price is on the verge of a significant breakthrough, facing resistance at the 50-day simple moving average (blue) and forming a crucial contracting triangle with resistance at $0.530 on the daily chart. The price could experience a surge if it surpasses the 50-day simple moving average (blue) and $0.5350 levels.
XRP Technical Analysis
XRP is poised for a major move as it approaches key levels of $0.5350 and $0.550, which could potentially trigger a new rally. The daily chart shows a contracting triangle pattern, with the price consolidating near the 50% Fib retracement level. While XRP has lagged behind Bitcoin and Ethereum, it is now approaching a breakthrough point.
On the daily chart, the highlighted contracting triangle with resistance at $0.530 is set to be breached, with a significant resistance level at $0.550. If the price manages to close above the triangle resistance, it could target the $0.550 resistance and potentially even reach $0.570. A breakout above $0.570 could lead to a fresh surge towards the $0.6660 resistance, with further upside potential towards $0.700 and $0.750.
However, if XRP struggles to clear the $0.5350 and $0.550 resistance levels, it may find support at $0.510 and the triangle lower trend line. Further support levels are at $0.500 and $0.490, with a downside break below $0.4680 potentially leading to a decline towards $0.420.
In conclusion, XRP is at a critical juncture and a close above key resistance levels could signal a significant uptrend, while failure to do so might result in a decline towards $0.400 in the near future.
