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XRP has been volatile; it is presently trading at $0.53 and is trying to sustain momentum above $0.5, which puts it up against both resistance and support levels. Due to the fact that XRP is hovering around these critical technical zones, traders are keeping a close watch on three key price levels that could dictate the company’s next move.
Essential psychological support
The most important psychological support zone for XRP is at $0.50. For traders, this round number is frequently regarded as a substantial mental obstacle. If XRP is able to stay above this, more bullish sentiment may be generated, which may prompt buyers to enter the market. A breakdown below this barrier, though, might result in more selling pressure and additional declines. This is one of the most watched levels at the moment because it has been a strong pivot point in the previous few weeks.
Direct opposition
Since it recently fell below this region, XRP is currently up against resistance around $0.56. It becomes more difficult to break above this level because of the 100-day and 200-day exponential moving averages. These EMAs are important because a break above them could indicate a change in the mood of the market and possibly result in a bullish breakout. If XRP is able to get past this barrier, there may be a spike up toward higher levels.
Related
Key breakout zone
The next important level to watch is $0.64 if XRP manages to break through the resistance at $0.56. The symmetrical triangle pattern that has been developing for several months reaches its peak at this level. A spike up to $0.70 or higher could be possible if a breakout above $0.64 validates a continuation of the bullish trend. At this point, traders are keeping a close eye on XRP to see if it can break free from its consolidation pattern.
