XRP Price Hits Target Of $0.5, But Can It Break This Key Resistance?

The XRP price has been swimming against the tide and continues to show strength against larger cryptocurrencies, such as Bitcoin and Ethereum. A potential settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple might continue to prompt this cryptocurrency to the upside. Related Reading: Weekly Round-Up On Shiba Inu, Where Will Price Be Headed? At the time of writing, the XRP price trades at $0.52 with sideways movement in the last 24 hours and a 17% profit in the last week. As NewsBTC reported last week, the cryptocurrency broke out of a major downside trendline hinting at future appreciation with a target set at its current levels. XRP Chills Before Taking Off? Consolidation Might Be Key In late September, the XRP price was able to reach the middle area of its current levels at $0.55 before beginning a descend to a monthly low at $0.44. As seen in the chart below, as news about a potential settlement in the case against Ripple became public, the cryptocurrency changed the trend breaking above the following pattern. Before breaking out of that trendline, XRP moved sideways for a while possibly gaining momentum for its upside move. At the time of writing, as BTC and other larger cryptocurrencies lose bullish momentum, the XRP might be on a similar path of consolidation before breaking out. As pointed out by a pseudonym trader, the $0.50 area is a major resistance for this cryptocurrency as it is a multi-...