XRP's Bullish Breakout: Could It Soar 40% to Reclaim March High?

May 26, 2024 at 11:50 PM GST 2 mins read News

XRP is attempting to break the crucial resistance level at $0.578, which could trigger a 40% price increase to $0.748 if successful.
The resistance level aligns with the daily SMA 200, a key technical marker that has constrained XRP’s price since mid-April.
The failure to surpass $0.578 may lead to continued consolidation or a potential pullback.

XRP is nearing a pivotal price shift. If XRP can surpass the critical resistance level of $0.578, it may signal a bullish trend reversal, potentially propelling the price up by 40% and enabling XRP to revisit its March high of $0.748.

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The resistance at $0.578 aligns with the daily Simple Moving Average (SMA) 200, a key technical marker that has restricted XRP’s price movement since mid-April. Recently, XRP surpassed the daily SMA 50 at $0.529, signaling a possible shift in market dynamics. However, the next challenge lies in overcoming the daily SMA 200 to maintain this positive momentum.

Source: TradingView

Market analysts are keenly observing XRP’s price action, especially its behavior around the $0.578 resistance. If XRP successfully surpasses this level, it could ignite a surge in buying interest, pushing the price toward subsequent targets. The next resistance levels are identified at $0.642 and $0.662 before XRP can attempt to reclaim its March high.

Conversely, if XRP fails to break through the $0.578 resistance, it may continue to consolidate, trading within a tight range while awaiting fresh market drivers. A retracement could see XRP testing support near $0.50 or potentially lower.

A more bearish scenario would be triggered if XRP drops below $0.467, which could lead to a decline towards the $0.42 mark. Currently, XRP is trading at $0.535, down 0.19% over the last 24 hours.