Key Takeaways:
- Ripple price is attempting a fresh increase from the $0.450 support zone.
- XRP is facing resistance near a key bearish trend line at $0.480 on the 4-hours chart.
- There could be a strong increase if the price clears the $0.50 resistance.
Ripple’s XRP is facing hurdles above $0.480 and $0.485. The price could start a new rally if it settles above $0.500 and $0.508.
Ripple’s XRP Price Faces Breakout Resistance
This past week, XRP saw a major decline from the $0.550 resistance zone against the US Dollar. The price gained bearish momentum after the US CPI release, similar to bitcoin and ethereum.
The price traded below the $0.45 support zone and the 50 simple moving average (blue, 4 hours). However, the bulls were active near the $0.440 support zone. The price traded as low as $0.4403 and recently started a new increase.
It broke the $0.465 and $0.472 resistance levels to move into a positive zone. The price even rallied above the 50% Fib retracement level of the downward move from the $0.5484 swing high to the $0.4403 low.
However, the bulls struggled to gain strength above the $0.500 resistance and the 50 simple moving average (blue, 4 hours). Finally, it topped near the 61.8% Fib retracement level of the downward move from the $0.5484 swing high to the $0.4403 low.
XRP price is now trading below $0.48 and the 50 simple moving average (blue, 4 hours). It also faces resistance near a key bearish trend line at $0.480 on the 4-hours chart.
The next major resistance is near the $0.508 zone. A clear wave above the $0.508 level could start a new rally to $0.55. Any more gains might set the pace for a move toward the $0.60 zone. If there is no upside break, the price might resume its drop below the $0.465 level.
Initial support is near the $0.4515 level. The main support is near the trend line and the $0.440 zone. A close below $0.440 may perhaps start a strong decline. The price might even test the $0.400 support in the stated case.
Overall, XRP price is struggling to gain pace for a move above $0.48 and $0.50. If the bulls clear the $0.50 barrier, the price could rally toward the $0.55 level or even $0.60. Conversely, there might be a fresh drop toward the $0.400 level.
