XRP is facing challenges as it searches for a breakout despite some recent developments in the market. Currently, it appears to be consolidating as it looks for further opportunities to rise, especially against Bitcoin.
Key levels of resistance include $0.6, $0.7, and $0.8, while support is expected at $0.5, $0.4, and $0.3.
Despite a market-wide crash that saw $35 billion wiped out, XRP has managed to recover by around 10%. This recovery has brought the price back to the $0.57 region. Over the past few weeks, the third-largest cryptocurrency by market capitalization has been in a phase of consolidation, forming a symmetrical triangle pattern. A breakout seems imminent, though the Relative Strength Index (RSI) has recently reached a bottom at 30, suggesting a potential shift in momentum. Nevertheless, the Moving Average Convergence Divergence (MACD) has not confirmed the beginning of a bullish trend yet.
Should XRP manage to break above current resistance levels, a price movement toward $0.8 could be expected in the coming days. The immediate resistance stands at $0.6, followed by a level at $0.7. If XRP faces rejection at $0.6, it may dip back to the nearest support level at $0.5, which was the low point of yesterday’s trading session. Further downside support can be found at $0.4 and $0.3.
For XRP against Bitcoin, the cryptocurrency has been consolidating after bouncing from the 2900 SAT level where it tested the lower support of the triangle pattern. The current price is hovering around 3130 SAT after briefly breaking above the descending triangle that has been forming since late November. Although this breakout is not yet confirmed as bullish, the price movement shows some early signs of a shift. The RSI has formed a double-bottom, suggesting a potential upward move in the near future. The 4-hour MACD indicator, while slightly negative, is preparing for a bullish crossover.
If the price continues to rise above the 3000 SAT mark, the first significant resistance level lies at 3660 SAT. Breaking through this level could open the door for further gains, with the next major resistance coming in at 4200 SAT. Currently, 2900 SAT serves as the primary weekly support level. Should the price break down, the next levels to watch for support are at 2400 SAT and 2000 SAT.
