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.
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.
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.
Investors are always on the search for the next high-potential crypto coins to invest in.…
Notcoin, a new social clicker game within the Telegram messaging app, is gaining immense popularity…
Bitcoin is not devoid of bullish cues, which could help the prime crypto token's price…
With its official launch slated for May 2024, Winbit is already making waves with its…
SBI VC Trade Joins XRP Ledger SBI VC Trade, Japan's leading cryptocurrency exchange, has launched…
Meme AI Breaks Out With 900% Volume Spike NAIROBI (Coinchapter.com) - Meme AI (MEMEAI), has…