2023-10-24 10:45:33
XRP is eyeing a major breakout above $0.5540. If Bitcoin’s recent rally continues, XRP might surge more than 25% and test $0.70.
Bitcoin has shown strong growth over the past few sessions and has gained more than 15%. New ETF speculation has emerged. This also boosted sentiment in the cryptocurrency market and helped cryptocurrencies such as Ethereum, Solana, Cardano and XRP.
XRP managed to remain above major uptrend support at $0.450. As a result, a new rise began above the $0.50 resistance. It also broke the major bearish trend line with resistance near $0.505 on the daily chart.
Author: MIdjourney
More importantly, the price stopped above the $0.525 level and the 50-day simple moving average. It tests major breakout resistance near the 23.6% Fibonacci retracement level of the downside move from the $0.9445 swing high to $0.4201 low.
If market sentiment remains unchanged and Bitcoin remains stable above the $32,500 level, there is a possibility of XRP breaking above the $0.5540 resistance.
A successful close of the day above stated resistance might trigger a strong rally. The first major obstacle is at $0.6. If the bulls are allowed to win, the price might approach $0.685 or even $0.70. Conversely, the price may struggle and begin a new decline towards the $0.50 support.
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