Key Takeaways:
- Ripple price started a fresh rally from the $0.420 support zone.
- XRP is trading well above a crucial bullish trend line with support at $0.450 on the 4-hours chart.
- The bulls may perhaps aim a fresh multi-month high above the $0.55 resistance.
Ripple’s XRP gained over 10% and traded above $0.48. The price is now consolidating gains and might aim a move towards $0.55 or even $0.60.
Ripple (XRP) Price Starts Fresh Increase
This past week, XRP started a downside correction from the $0.550 resistance (after a strong rally) against the US Dollar. The price corrected lower below the $0.500 and $0.480 support levels.
The price even broke the $0.45 support zone and the 50 simple moving average (blue, 4-hours). However, the bulls were active near the $0.420 support zone. There is also a crucial bullish trend line forming with current support at $0.450 on the 4-hours chart.
Ripple’s 4-hours price chart | Source: XRP/USD on TradingView.com
A low was formed near $0.418 and the price started a fresh increase. It broke the $0.435 and $0.450 resistance levels to move into a positive zone.
XRP price is up over 10% in a day there was a move above the 50% Fib retracement level of the downward move from the $0.5597 swing high to $0.418 low. The price is now trading above the $0.480 level and the 50 simple moving average (blue, 4-hours).
On the upside, an immediate resistance is near the $0.500 zone. It coincides with the 61.8% Fib retracement level of the downward move from the $0.5597 swing high to $0.418 low.
The next major resistance is near the $0.526 zone. A clear wave above the $0.526 level could start a fresh rally to $0.55. Any more gains might set the pace for a test of the $0.60 zone. If there is no upside break, the price might decline below $0.465.
An initial support is near the $0.460 level and the 50 simple moving average (blue, 4-hours). The main support is near the trend line and the $0.450 zone. A close below $0.450 may perhaps start a strong decline. In the stated case, the price might even test the $0.420 support.
Overall, XRP price is gaining pace above the $0.465 and $0.480 levels. If the bulls clear the $0.500 barrier, the price could drift towards the $0.55 level or even $0.60. Conversely, there might be a fresh dip towards the $0.420 level.
