XRP Price On Verge Massive Breakout Hitting $0.6 Level

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The XRP market is on the cusp of major volatility ahead of an expected ruling of the SEC vs Ripple lawsuit. Having experienced diminishing returns in recent months after posting significant gains during the first quarter of 2023, experts believe a breakout to the upside is imminent. The scale of the XRP price rally will significantly depend upon fundamental factors coupled with crazy speculation. Furthermore, the XRP price has approached the final edges of macro and micro triangle formations.

XRP Price Bullish Outlook

According to a popular crypto analyst based in the United States Ali (Twitter: @ali_charts), the XRP market has presented a buy signal with respect to the 3-day chart. However, the analyst noted that the XRP price must hold above 45 cents in order to secure an upward movement toward 51 cents. If the first phase of XRP’s bullish stance materializes in the near term, the analyst highlighted that a surge toward 60 cents will be a matter of a simple breakout.

The XRP daily market has experienced significant resistance around 54 cents since May last year. Notably, the same level acted as a support level during the 2021 crypto bull market. Currently, the XRP weekly market is under pressure from a death cross between the 50 and 200 Moving Average (MA), which could result in a capitulation below the major support level of around 30 cents. The breakout is ultimately dependent on the SEC vs Ripple ruling, which is expected to take place anytime.