XRP has been exhibiting an impressive performance since the start of 2021, having experienced several significant surges in its value. After a significant break above the previous resistance level of $0.54, XRP was able to consolidate above $0.58 and even beyond, up to the $0.63 mark. Nevertheless, the ongoing surge lost its momentum when encountering the resistance zone of $0.58 and caused a slight retreat towards the $0.48 zone. This could be interpreted as a consolidation period or just a minor correction before another surge, in the event that the bulls regain control.
It's crucial to point out that the price region between $0.47 and $0.4436 serves as a major support zone in the case of a sudden plunge, representing the 0.5 and 0.618 levels of fib retracement. Moving forward, XRP is technically poised between the $0.58 protection and $0.48 assistance. Should the bulls maintain their current momentum, XRP will soon break beyond the resistance region, leading to a rally above this level. However, if the price encounters substantial resistance, the $0.48 cushion will act as a major support to prevent a drastic plunge.
Eva Perez
- 2023-04-12
XRP Price Update: Consolidation or Correction?
XRP has been exhibiting an impressive performance ever since 2021 started, with price ranging between $0.58 resistance and $0.48 support. Is XRP gearing up for another surge?
![CandleFocus XRP-XRPPrice-XRPSurge-XRPSupportZone](https://images.candlefocus.com/XRP-Price-Update:-Consolidation-or-Correction.jpg)