Key Takeaways:
XRP price started a fresh surge from the $0.500 support zone. It broke a major contracting triangle with resistance at $0.6250 on the weekly chart. The price is up over 50% in a week and the bulls might now aim for $1.00.XRP rallied above $0.60 and $0.70. The price signals a major breakout and the momentum could take it toward the $1.00 level.
XRP Price Gains Strength
After forming a base above the $0.50 level, XRP price started a fresh increase. Bitcoin and Ethereum lead the market higher and now XRP is joining forces. The bulls were able to pump it above the $0.60 and $0.620 resistance levels.
There was a clear move above a major contracting triangle with resistance at $0.6250 on the weekly chart. The current weekly candle is super bullish and suggests high chances of more gains.
XRP price weekly chart | Source: TradingView.comThe price is now trading well above the $0.70 level and the 50-week simple moving average (blue). The bulls are now attempting a close above the 1.236 Fib extension level of the downward move from the $0.7424 swing high to the $0.3831 low.
A close above the $0.8250 level could set the stage for more upsides. The first major hurdle is at $0.900. The next resistance is near the $0.9650 level or the 1.618 Fib extension level of the downward move from the $0.7424 swing high to the $0.3831 low.
The main stop for the bulls could be $1.00. If the bears fail to protect the $1.00 barrier, there could be a drift toward the $1.12 level or even $1.20 in the coming days.
Recently, Ripple shared an update on Ripple USD. It seems to be operationally ready which is designed specifically for enterprise use cases like payments.
Are Dips Supported?
Conversely, XRP price might fail to clear $0.8250 and start a downside correction. Immediate support on the downside is near the $0.7550 level. The next key support sits at $0.720, below which the price could drop and test the same triangle’s trend line at $0.650.
If the bulls fail to protect the $0.650 support, the price might test the 50-week simple moving average at $0.5620. A downside break below the $0.5620 support might spark a crash. In the stated case, the price may decline toward the $0.500 level.
Overall, XRP price is gaining bullish momentum above $0.70 and the 50-week DSMA. It seems like the bulls could soon aim for a move toward $1.00.
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