• Ripple's XRP sees increased buying activity following the stablecoin announcement, causing a price rebound.
• XRP struggles to maintain levels above $0.620, requiring support above $0.560 for potential short-term growth.
• The price of XRP showed a steady rise from above $0.580, surpassing the $0.600 resistance levels like Bitcoin and Ethereum.
• However, XRP fails to break the $0.620 barrier, in line with the 21-day Moving Average, leading to a retreat towards $0.580.
• Currently, XRP is trading within a Symmetric Triangle Pattern on the daily chart, indicating a battle between Bulls and Bears.
• The uncertainty lies in whether the consolidation period will continue or if there will be a breakout post the recent news.
• Crossing the $0.620 mark may signal strong buying pressure, targeting around $0.7500.
• Conversely, a prolonged market downturn could push XRP below $0.560, aiming for the $0.5000 support range.

KEY LEVELS :

RESISTANCE LEVEL : $0.6200-$0.6700

SUPPORT LEVEL : $0.5500-$0.5000

Disclaimer: All insights and chart analysis by Coingabbar regarding cryptocurrencies, NFTs, or any other decentralized investments are for informational purposes only and not financial advice. Users should conduct their research, use their judgment, and understand the risks associated with financial instruments. Coingabbar is not responsible for any financial losses. Cryptocurrency and NFT markets are highly volatile; users should seek advice from financial professionals and assess their risk tolerance.