XRP Testing Crucial Resistance, Is $0.5 In Play? (Ripple price analysis)

XRP Testing Crucial Resistance, Is $0.5 In Play? (Ripple price analysis)

The price of Bitcoin has been trending upwards lately, while Ripple has remained relatively stable, staying at about the same level without much movement. However, XRP is currently showing signs of strength as it has crossed a significant resistance level.

Technical analysis

From Shayan

This week, the cryptocurrency market witnessed an uptrend, with assets such as Bitcoin and Ethereum seeing significant price increases. However, Ripple was an exception as it continued to consolidate without a clear direction.

Nevertheless, after a prolonged period of consolidation in the narrow area of ​​the triangle, the price has finally made an increase and crossed the upper limit of the triangle and the 200-day moving average at around $0.3997.

On the other hand, the cryptocurrency is facing significant resistance in the $0.44 price region. If XRP successfully clears this resistance region, an impulsive rally towards higher price levels is imminent.

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Ripple's price is stagnant between $0.32 and $0.43 and has not broken out of this range for quite some time. Furthermore, the price has formed a descending wedge pattern highlighted by yellow trendlines.

However, the price has recently seen an increase and crossed the upper boundary of the wedge, giving a bullish sign for the currency's prospects. Still, the cryptocurrency faces a key resistance area consisting of the $0.44 level and the previous major swing at $0.4330.

If price breaks through this vital resistance, XRP could initiate an upward move and perhaps even attempt $0.50 next.

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