XRP Breaks Out From Descending Wedge, Bulls Targeting $0.60

XRP is firm at spot rates, steadying above $0.50. After the breakout from the descending wedge, buyers are now looking at $0.60

Dalmas Ngetich•Tuesday, May 21, 2024•2 min read

XRP, mirroring the general state of affairs across the crypto scene, is bullish. As the coin rises with the tide, prices have broken above the falling wedge. Most importantly, it is inching closer to the all-important $0.55 resistance level, marking April 13 highs. If there is follow-through and prices close above this line for the first time in roughly two weeks, prices could rally in line with May 1 and 15 bull bars.

Even with the recent expansion, the path of least resistance is still southwards. Even so, there are hints of strength. At spot rates, the coin is up roughly 6% in the last day and week after a period of sideways consolidation. The uptick in trading volume has also seen engagement rise above the $1 billion mark. Should sellers continue to lose grip, trading volume will continue rising as XRP retests and breaks $0.60.

XRP daily chart for May 21

The following XRP and Ripple news might draw more buyers into the equation:

As the coin builds from the $0.50 support level, on-chain data shows that whales are accumulating. Their engagement has seen over 361 million XRP moved to “strong” hands that are unlikely to liquidate. Overall, this is a net positive and might support prices.
Ripple, the payments company, has announced a fund to support projects launching on the XRP Ledger. The fund will specifically cater to Brazilian developers looking to deploy dapps on the Ethereum competitor.