Key Takeaways:
- XRP is holding gains above the $0.4850 support.
- It follows a key bullish trend line with support near $0.4890 on the 4-hour chart.
- The bulls seem to be aiming for another rally like Bitcoin and Ethereum.
Ripple’s XRP is consolidating above the $0.4850 support. The price must clear $0.510 to start a steady increase in the coming sessions.
Ripple’s XRP Price Prepares for the Next Move
After a sharp decline from the $0.566 zone, the XRP price found support near the $0.4560 zone against the US Dollar. The price traded as low as $0.4560 and recently started a new increase.
There was a move above the $0.4820 resistance zone. More importantly, Bitcoin and Ethereum saw a strong increase, but XRP failed to catch up. It remained in a range above the $0.4850 support zone and seemed to be preparing for the next move.
The price is now stable above the $0.4900 level and the 50 simple moving average (blue, 4 hours). It is now facing resistance near the $0.5110 level. The 50% Fib retracement level of the downward move from the $0.5662 swing high to the $0.4560 low.
A clear move above the $0.5110 resistance zone could send the price further higher toward $0.5240 or the 61.8% Fib retracement level of the downward move from the $0.5662 swing high to the $0.4560 low.
A close above the $0.5240 resistance might start a steady increase. The next major resistance is near the $0.540 level. The main resistance sits near the $0.5660 level. In the stated case, the price may perhaps rise toward $0.580 or even $0.600.
Fresh Decline?
If there is no upside break, the XRP price might start another decline from the $0.5110 resistance zone. Initial support is near the $0.4850 level and the 50 simple moving average (blue, 4 hours).
There is also a key bullish trend line forming with support near $0.4890 on the 4-hour chart.
The main support is near the $0.456 level. A close below $0.456 may perhaps start a major decline. In the stated case, the price might test the $0.420 support. Any more losses could open the doors for a move toward the $0.400 level.
Overall, the XRP price seems to be preparing for the next move above the $0.485 support. If the bulls clear the $0.510 barrier, the price could rally toward the $0.540 level or even $0.600. Conversely, there might be a fresh drop toward the $0.456 level.
