Key Takeaways:

XRP price stayed above the $0.400 support and recovered some losses.

It is still trading in a major contracting triangle with resistance at $0.6150 on the weekly chart.

The price could rally if it closes above the 50-week simple moving average and $0.6150.

NEW DELHI (CoinChapter.com) — XRP is recovering losses and trading above $0.500. The bulls could gain strength if the price clears the $0.580 and $0.6150 resistance levels.

XRP Price Escapes Breakdown

In the last analysis, we discussed a major contracting triangle with support near $0.4250 on the weekly chart of XRP/USD. The price spiked toward the triangle support zone where it found a strong buying interest.

A low was formed at $0.4154 and the price started a recovery wave like Bitcoin and Ethereum. There was a decent increase above the $0.450 and $0.480 resistance levels. The bulls pushed the price toward the 50-week simple moving average (blue) and the 50% Fib retracement level of the downward move from the $0.7424 swing high to the $0.4154 low.

XRP price weekly chart | Source: TradingView.com

The price is still trading in a major contracting triangle with resistance at $0.6150 on the weekly chart. It seems like the bulls are now facing resistance near the 50-week simple moving average (blue) at $0.580.

The main breakout resistance is now forming near the triangle region at $0.6150. It coincides with the 61.8% Fib retracement level of the downward move from the $0.7424 swing high to the $0.4154 low.

A weekly close above the 50-week simple moving average (blue) and then the triangle resistance could set the stage for a strong bullish move. In the stated case, the next stop for XRP bulls could be $0.740. The next resistance is near the $0.840 zone, above which the price could start a larger uptrend toward $1.00.

Another Rejection?

Conversely, XRP price might fail to clear $0.580 or $0.6150 and start another decline. Immediate support is near the $0.5050 level. The next key support sits at $0.480.

The main uptrend support is now forming near the $0.4150 zone. If the bulls fail to protect the triangle support, there might be a strong decline. The next major support is $0.350. A downside break below the $0.350 support might increase selling pressure. In the stated case, the price may decline toward the $0.300 level.

Recently, Ripple shared how there is an increase in demand for stablecoins and highlighted the benefits of Ripple’s stablecoin, including Enterprise-Grade, Compliance-First, Transparency, and Liquidity on the DEX.

Overall, XRP price stayed above crucial support and recovered above $0.50. To continue higher, it must surpass the $0.580 and $0.6150 resistance levels. Conversely, the price might drop again and revisit the triangle support at $0.4150.

The post XRP Price Primed For Comeback If… appeared first on CoinChapter.

---

Filed under: Bitcoin - @ April 23, 2024 7:04 am