Ripple (XRP) is trading at $0.5816, down 1.16% today, following a brief attempt to break higher. The token has struggled to maintain upward momentum after testing the $0.60 level. As the ongoing legal battles with the SEC add uncertainty, traders are closely watching key technical levels to determine whether XRP can sustain its recent gains or face further declines.
Technical Analysis: Key Levels to Watch for XRP
The daily chart shows a mix of consolidation and slight bearish pressure. Here are the levels that matter:
- Support levels:
- $0.5795: Immediate support; a breach here could signal further downside.
- $0.5471: A stronger support zone aligning with the 20-day EMA.
- $0.5198: The 50-day EMA, which offers additional support for the longer-term trend.
- Resistance levels:
- $0.60: Immediate resistance that XRP must clear to reignite bullish momentum.
- $0.6296: A key level that could serve as a stepping stone for higher gains.
- $0.6653: A long-term target if the bullish scenario unfolds.
What’s Driving XRP’s Price Action?
Ripple’s performance is heavily influenced by developments in its legal battle with the SEC. Recent optimism surrounding the case has provided some upward momentum, but the market remains cautious. Ripple’s efforts to expand its cross-border payment solutions are also supporting investor confidence in the long term.
Can Ripple Reclaim $0.60?
For Ripple to regain bullish traction, it needs to hold above $0.5795 and make a decisive move past $0.60. A breakout above this level could pave the way for XRP to test $0.6296 and potentially $0.6653. On the flip side, failure to hold support at $0.5795 could lead to a retest of $0.5471, where buyers may step in.