Resistance

Verge

Daily

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<a href="https://u.today/xrp-skyrockets-108-in-volume-amid-400-million-crypto-market-sell-off" rel="noopener noreferrer nofollow">XRP</a>, the seventh largest cryptocurrency, faces a crucial test as it makes frantic efforts to establish a fresh price move. The outcome of this test could determine its short-term price trajectory, with a potential breakout paving the way for significant gains.
Technical analysis pinpoints a key resistance level that could pave the way for XRP price's upward trajectory.
If XRP can break above this resistance, it could trigger a surge in buying activity, pushing the price toward higher targets. Conversely, failure to break through might extend the current consolidation or a potential pullback.
The resistance level at $0.578, which coincides with the daily SMA 200, has been identified as key for the XRP price. This level along with the daily SMA 50 at $0.529 had constricted XRP price since mid-April. XRP recently saw a breakout past the daily SMA 50, leaving it with the daily SMA 200 to contend with. <img alt="TradingView" data-entity-type="file" data-entity-uuid="3844501f-1586-475f-9450-e87c59186172" src="https://u.today/sites/default/files/inline-images/26052024%201111.png"><a href="https://www.tradingview.com/x/I6Elarq0/" rel="noopener noreferrer nofollow">XRP/USD Daily Chart, Courtesy: TradingView</a>
A successful breach of this barrier could signal a bullish reversal, potentially leading to a 40% rise and allowing XRP to reclaim its March high of $0.748. However, before it can reach this high, it must first overcome barrier levels at $0.642 and $0.662. This scenario also depends on XRP sustaining above the daily SMA 50.
In light of this, market analysts are closely watching <a href="https://u.today/xrp-might-be-on-verge-of-epic-breakout-if-this-pattern-validates" rel="noopener noreferrer nofollow">XRP price</a> action for signals of potential breakout.
However, if XRP fails to break the resistance, it may extend its current consolidation phase, trading within a range while awaiting new catalysts to drive momentum. A pullback could see XRP retesting support levels around $0.50 or lower. Conversely, a breakdown below $0.467 could lead to a bearish scenario that might lead to a retest of the $0.42 level.
At the time of writing, XRP was down 0.19% in the last 24 hours to $0.535, per <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a> data.
With the market's eyes fixed on these developments, the coming days could be pivotal for XRP's price. Whether it will surge past the identified resistance levels or face a setback remains to be seen.

XRP on Verge of Breakout? Key Resistance Level Revealed

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