Key Takeaways:
- Ripple price is consolidating and preparing for the next move above the $0.440 support zone.
- XRP is facing resistance near $0.466 and $0.485 on the 4-hours chart.
- There could be a strong increase if the price clears the $0.485 resistance.
Ripple’s XRP is trading in a range above $0.450 and $0.440. The price could start a fresh rally if it settles above $0.466 and $0.485.
Ripple’s XRP Price Aims Fresh Rally
This past week, XRP attempted a clear move above the $0.485 resistance zone against the US Dollar. The price failed to clear the key barrier and corrected lower, similar to bitcoin and ethereum.
The price trimmed gains and traded below the $0.466 pivot level. There was even a spike below the $0.450 zone and the price settled below the 50 simple moving average (blue, 4-hours). The price traded as low as $0.4481 and is currently consolidating.
Ripple’s 4-hours price chart | Source: XRP/USD on TradingView.com
There was a recovery wave above the $0.455 level. XRP climbed above the 23.6% Fib retracement level of the downward move from the $0.4843 swing high to $0.4481 low.
However, the bulls struggled to gain strength above the $0.466 resistance and the 50 simple moving average (blue, 4-hours). It struggled near the 50% Fib retracement level of the downward move from the $0.4843 swing high to $0.4481 low.
XRP price is now trading below $0.466 and the 50 simple moving average (blue, 4-hours). A clear move above the $0.466 might send the price towards the $0.485 resistance.
There is also a rising channel forming with resistance near $0.485 on the 4-hours chart. A clear wave above the $0.485 level could start a fresh rally to $0.52. Any more gains might set the pace for a move towards the $0.55 zone.
If there is no upside break, the price might resume its drop below the $0.450 level. An initial support is near the $0.440 level. The main support is near the $0.424 level. A close below $0.424 may perhaps start a strong decline. In the stated case, the price might even test the $0.400 support.
Overall, XRP price is trading in a range and preparing for the next move above the $0.440 support. If the bulls clear the $0.485 barrier, the price could rally towards the $0.52 level or even $0.55. Conversely, there might be a fresh drop towards the $0.400 level.
