- XRP surged above $0.50 after the SEC dropped its case against Ripple’s executives.
- A breakout above $0.524 could propel XRP to $0.550 or even $0.585.
- Failure at $0.524 may trigger a correction, with support at $0.512 and $0.505, potentially leading to a retest of $0.4850.
Amidst the broader crypto market rally, XRP, the digital asset tied to Ripple, surged above the $0.50 mark following the Securities and Exchange Commission’s (SEC) decision to drop its case against Ripple’s top executives.
This move sparked a flurry of activity, propelling XRP above $0.505 and the 100 simple moving average. The cryptocurrency’s upward momentum found support from the favorable performance of flagship cryptocurrencies like Bitcoin, Ethereum, and Solana.
The recent upswing in XRP’s value marked a breakthrough above the critical resistance level at $0.524, opening the pathway for a potential climb toward the $0.550 mark. Market analysts are closely eyeing the resistance level at $0.532, considering a decisive breach could pave the way for a further ascent towards $0.550, with a subsequent test of the $0.565 resistance level.
There is a growing anticipation that if the current bullish trend continues, XRP might even aim for the $0.585 mark. However, market experts remain cautious about the potential corrective downturn if XRP fails to surpass the $0.524 resistance zone.
In such a scenario, the initial support is anticipated at the $0.512 threshold, with a critical support level at $0.505. A breach below $0.505 could trigger an accelerated downward spiral, potentially prompting a retest of the $0.4850 support zone.
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