XRP Explodes Out of Consolidation, But the Road to $0.6 Looks Difficult!

The post XRP Explodes Out of Consolidation, But the Road to $0.6 Looks Difficult! appeared first on Coinpedia Fintech News

The crypto market is up today as Bitcoin just hit the $30,000 mark after quite a while. The investors now appear to be extremely optimistic about the impending trend. In the meantime, the altcoins are also making significant moves. Among the top 10, XRP and Solana have made significant gains by surging magnificently. Despite recording high gains, the XRP price may maintain a sluggish trend to reach $0.6.

The Ripple vs. SEC lawsuit has been closely monitored ever since the final judgment was produced in favor of the company. Many speculations and assumptions were made in regard to the next move of the authorities. However, the latest update from the SEC squashing the charges against Ripple executives appears to have been icing on the cake for the XRP Army. 

So what’s next for the XRP price?

The XRP price bounced off of the lower interim support and surged above the pivotal resistance zone between $0.509 and $0.513. The price continues to hold above these levels at the moment but faces minor hindrances in clearing the crucial resistance at the 200-day MA at $0.5277. Also, a bearish divergence is observed in the RSI, which suggests a minor pullback could be on its way. This may lead the XRP price to relax a bit before triggering the next bullish wave. 

Once it clears the 200-day MA levels, It is important for the bulls to hold the price higher in case of fresh bearish activity. The bulls are expected to accumulate gains, beyond which the next bullish action may lead the XRP price to rise towards the next resistance at $0.55. A sustained trend beyond these levels could compel the price to surge close the the pivotal resistance at $0.6 which may flip the entire bearish scenario for the XRP price.