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XRP is unstable. It is currently trading at $0.53 and is trying to maintain momentum above $0.5 against both resistance and support levels. The fact that XRP is hovering around these key technical zones has traders keeping a close eye on three major price levels that could dictate the company’s next move.
essential psychological support
The most important psychological support zone for XRP is $0.50. For traders, this round number is often considered a major mental obstacle. If XRP can sustain above this, it could create more bullish sentiment and encourage buyers to enter the market. However, a break below this barrier could increase selling pressure and lead to further declines. This is one of the most watched levels at the moment as it has been a strong pivot point over the past few weeks.
XRP/USDT chart by TradingView
directly against
Having recently broken below this area, XRP is currently resisting resistance near $0.56. The 100-day and 200-day exponential moving averages make it even more difficult to break above this level. These EMAs are important. This is because a break above the EMA signals a change in market mood and can lead to a bullish breakout. If XRP can overcome this barrier, it could soar towards higher levels.
related
Major breakout zones
If XRP is able to break through the resistance at $0.56, the next important level to watch is $0.64. A symmetrical triangular pattern that has been developing for several months will peak at this level. If we see a continuation of the bullish trend above $0.64, a surge above $0.70 could be possible. At the moment, traders are watching to see if XRP can break out of its consolidation pattern.
