Is XRP on the Verge of a Major Breakout Beyond $0.60?

• XRP hits two-week high, nearing critical $0.60 resistance level.
• Bullish momentum driven by increased trading volume.

XRP has regained momentum, hitting a two-week high of $0.5666, marking a 2.72% surge in the past 24 hours, though it slightly retreated to $0.5573. The altcoin’s trading volume saw a notable 16% increase, reflecting heightened market activity. Despite the recent recovery, XRP is still down 5% over the past month, driven by a late September sell-off that resulted in an 18% price decline.

This recent upward movement signals XRP’s potential to reclaim lost ground, with key support levels being tested. The 50% Fibonacci retracement line at $0.55 remains a crucial level, and breaching the 61.8% Fibonacci retracement at $0.59 could pave the way for a rally above the long-awaited $0.60 mark. 

However, XRP’s upward trajectory hinges on overcoming this strong resistance, which has held firm for months. Meanwhile, fellow altcoins Solana, DOGE, ADA is facing a decline of 2-5% in the past 24 hours.

An XRP Rebound Rally?

Technical indicators show a mixed outlook. The Relative Strength Index (RSI) has recently closed above the neutral 50 level, signalling an improvement in bullish momentum. Yet, the token remains under pressure, with the 20-day exponential moving average (EMA) trending downward, and a bearish crossover with the 200-day EMA looming. If this crossover materialises, XRP could struggle to regain its footing above $0.56, leading to a period of consolidation.

On the derivatives front, speculative activity surged, with a 753% increase in options volume and a 27.2% rise in open interest. While long liquidations outpaced shorts, indicating profit-taking, the predominance of long positions suggests traders remain hopeful of a potential recovery.

As XRP continues to navigate resistance levels, traders are watching for a decisive breakout, with the $0.60 level in focus. Overcoming this crucial hurdle could fuel a more sustained rally in the coming weeks.