Key Takeaways:
- XRP is following a bullish path above the $0.50 pivot zone.
- A major rising channel is forming with support near $0.5140 on the 4-hour chart.
- The price could dip to $0.5140 before it marches higher and clears the $0.550 resistance.
NEW DELHI (CoinChapter.com) — Ripple’s XRP is eyeing another increase above $0.550. The price could outperform Bitcoin in the coming days unless there is a close below $0.500.
Ripple’s XRP Price Eyes Fresh Increase
Earlier this week, the XRP price increased strongly from the $0.505 support zone. The price gained pace for a move above the $0.525 and $0.532 resistance levels.
However, the bulls struggled again to surpass the $0.550 resistance zone. A high was formed near $0.5496, and the price reacted to the downside, like Bitcoin and other cryptocurrencies. There was a move below the $0.532 support zone.
The price declined below the 50% Fib retracement level of the upward move from the $0.5054 swing low to the $0.5496 high. However, XRP bulls now protect a move below the $0.515 level and the 50 simple moving average (blue, 4 hours).
A major rising channel is forming with support near $0.5140 on the 4-hour chart. The current pattern suggests that the price might test the channel support at $0.5140 and then start another increase.
Immediate resistance is seen near the $0.5275 level. The first major resistance is $0.540, above which XRP might attempt to clear the $0.550 hurdle.
The price must settle above the $0.550 level to start a sustained rally. The next major resistance is near the $0.5850 level. Any more gains could soon open the doors for a move toward the $0.620 resistance.
In a recent important event, a federal judge on Tuesday refused to let the US Securities and Exchange Commission appeal her recent decision involving Ripple Labs. This is considered a major setback for SEC and might fuel more gains in XRP.
Fresh Decline?
Conversely, XRP might fail to start a fresh increase above the $0.540 resistance. The stated case might be a fresh decline below $0.514. Immediate support sits near the $0.505 level.
The next major support might be $0.492, below which there is a risk of a drop toward the next key support at $0.458. Any more losses could increase selling pressure and push the price toward $0.420.
Overall, the XRP price is holding the key support at $0.505. If the price stays above $0.505, there could be a fresh surge toward $0.550 and then $0.620. Conversely, there could be another decline toward the $0.458 support.
