XRP Price Prediction: Bulls Need To Clear $0.50 For Hopes of a Fresh Rally
Key Takeaways:
XRP price is attempting a fresh increase from the $0.460 support zone.
A major bearish trend line is forming with resistance near $0.492 on the 4-hour chart.
The price could start a fresh rally if there is a close above the $0.50 resistance.
XRP Price Prediction: Bulls Need To Clear $0.50 For Hopes of a Fresh Rally
NEW DELHI (CoinChapter.com) — Ripple’s XRP is struggling to recover above $0.492. The price could start another decline if it fails to settle above $0.492 and $0.50.
Ripple’s XRP Price Eyes Key Upside Break
In the past few days, XRP price steadily declined from well above $0.525. The bears took control and pushed the price below the $0.500 support zone.
There was also a close below $0.488 and the 50 simple moving average (blue, 4 hours). Finally, the bulls appeared near the $0.460 zone. A low was formed near $0.4593, and recently, XRP started a decent increase, like Bitcoin and Ethereum.
The price recovered above the $0.480 resistance zone. There was also a spike above the 50% Fib retracement level of the downward move from the $0.5129 swing high to the $0.4593 low.
However, the bears seem to be defending the $0.492 resistance zone. A major bearish trend line is forming with resistance near $0.492 on the 4-hour chart. The trend line is near the 61.8% Fib retracement level of the downward move from the $0.5129 swing high to the $0.4593 low.
A close above the trend line resistance might XRP price toward the main hurdle at $0.500. The price must settle above the $0.500 pivot level to start a fresh rally. The next major resistance is near the $0.5250 level. Any more gains could soon open the doors for a move toward the $0.555 resistance.
Another Decline for XRP?
Conversely, XRP might fail to clear the trend line resistance or $0.500. In the stated case, there might be a fresh decline below $0.475. Immediate support sits near the $0.470 level.
The next major support might be $0.460, below which there is a risk of a drop toward the next key support at $0.432. The main breakdown support is at $0.420, below which the price could decline heavily in the coming days.
Overall, the XRP price is attempting a fresh increase from $0.460. The price must settle above $0.50 to gain bullish momentum and then surpass $0.525. Conversely, there could be another decline toward the $0.432 support.
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Filed under: Bitcoin - @ September 13, 2023 12:22 pm