Key Takeaways:
- XRP is attempting a key upside break above the $0.4660 resistance.
- The token tests a major contracting triangle with resistance at $0.4660 on the 4-hours chart.
- A strong increase could be if the price clears the $0.470 and $0.480 resistance levels.
NEW DELHI (CoinChapter.com) — XRP is moving higher above $0.360. The price could start a fresh rally if it settles above $0.370 and $0.380.
XRP Price Eyes More Gains
After forming a base above the $0.4150 level, the XRP price increased against the US Dollar. The price broke many hurdles near the $0.4335 resistance to moving into a positive zone.
A high was formed near $0.4760 before there was a downside correction. The price traded as low as $0.4500 and recently started a new increase. This week, the price gained nearly 10%, and there was a strong move above the $0.450 resistance, outperforming Bitcoin and Ethereum.
The price trades above the $0.4620 pivot level and the 50 simple moving average (blue, 4 hours). It tests a major contracting triangle with resistance at $0.4660 on the 4-hours chart. It is close to the 61.8% Fib retracement level of the downward move from the $0.4760 swing high to the $0.4500 low.
The next major resistance is near the 76.4% Fib retracement level of the downward move from the $0.4760 swing high to the $0.4500 low at $0.4700.
A clear move above the $0.4700 resistance zone could increase the price toward the $0.4820 resistance zone. If the bulls pump XRP above the $0.4820 resistance, there could be a strong increase. In the stated case, the price may rise to $0.5050 or even $0.5120.
Another Failure?
If there is no upside break, the XRP price might start another decline from the $0.470 resistance zone. Initial support is near the $0.362 level. The main support is near the $0.450 level and the 50 simple moving average (blue, 4 hours).
A close below $0.450 may perhaps start a strong decline. In the stated case, the price might test the $0.435 support. Any more losses could open the doors for a move toward the $0.420 level.
Overall, the XRP price attempts an upside break above the $0.470 resistance. If the bulls clear the $0.470 barrier, the price could rally toward $0.482 or even $0.505. Conversely, there might be a fresh drop toward the $0.450 level.
