A breakout triggers a bullish run that is anticipated to take XRP further up after a long phase of bearishness this year.
Cryptocurrency markets fluctuate, with tokens displaying large price swings in the shortest time. As it emerged, Ripple sought lows below $0.4 after it broke the previous pattern. But some bulls entered at the right time, which caused high movement. Nevertheless, it must break key resistance levels to confirm its new uptrend.
This currency pair was trading in a falling wedge but could not break the upper trend line, which caused it to start falling. Now, at a critical resistance level of $0.501, as at $0.505, the price has slightly shifted north of this range.
If the price moves slightly above this range by the end of the day, a bullish pattern may be set. The question that arises here is whether XRP can hit $0.6 next week.
XRP Price Prediction: Key Levels to Watch
The recent rally has placed XRP at a crucial resistance level, and the bulls are expected to continue their dominance in the coming days. While the relative strength index, or RSI, has risen to indicate overbought territory, the daily moving indicator, or DMI, has also produced a bullish crossover.
However, the ADX has formed a bearish divergence, leading to a consolidation until the next resistance zone, which will be between $0.5373 and $0.5416. The pivotal resistance stays at $0.5444 as the cornerstone, which equals the 200-day SMA, which could bring more evidence of a higher trend going forward.
Since the previous trading session, XRP has gained over 14%, consolidating its position well above $0.5. The rise in bullish sentiment implies potential opportunities in a continued upward trajectory, short-term pullback, or sideways consolidation if bullish pressure weakens after the sharp rise.
The upcoming weekend is closely related to Ripple’s (XRP) price action, and a bullish close can signal the start of a strong rally for the rest of the month.
Disclaimer: Cryptocurrency investments are considered high-risk and may result in a lack of capital; the facts provided are widespread, and beginners are not advised to spend money on shares.
