Key Takeaways:
XRP price is recovering from the $0.3850 support zone.
A major bearish trend line is forming with resistance at $0.470 on the daily chart.
The price could gain bullish momentum if the bulls push it above $0.470 and $0.50.
XRP price prediction
NEW DELHI (CoinChapter.com) — XRP is eyeing an upside break above $0.470. If the bulls struggle, there could be another decline toward $0.3850 or even $0.3620.
XRP Price Eyes Next Key Move
In the last technical analysis, we discussed how XRP price might witness the next major move either toward $0.5670 or below $0.450. The bulls failed to push the price above $0.5670, and it resulted in a fresh bearish wave, like Bitcoin.
There was a drop below the $0.450 and $0.420 support levels. The price even dived below $0.40 and settled well below the 50-day simple moving average (blue). A low was formed at $0.3832 and the price recently started a recovery wave.
XRP price daily chart | Source: TradingView.com
The price was able to climb above the $0.400 and $0.420 resistance levels. It settled above the 23.6% Fib retracement level of the downward move from the $0.5567 swing high to the $0.3831 low.
The last 3-4 daily candles are signaling a decent bullish momentum. Having said that, XRP is still trading below many important hurdles. The first major resistance is forming near the $0.470 level. There is also a major bearish trend line forming with resistance at $0.470 on the daily chart.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.5567 swing high to the $0.3831 low. If the bulls push the price above the trend line resistance zone, there could be a bullish reaction. The next major resistance is near the $0.50 level and the 50-day simple moving average (blue).
The next key resistance sits near the 0.5150 level. The main resistance is now near the $0.550 zone. A daily close above the $0.550 resistance might start a fresh surge. In the stated case, the price might climb and test the $0.60 resistance. In the stated case, the bulls could even aim for a move toward the $0.620 resistance zone.
Another Decline?
Conversely, XRP price might fail to surpass the $0.470 and $0.50 resistance levels. In the stated case, there could be another bearish reaction. Immediate support sits near the $0.420 level.
The first major support sits at $0.40. The next key support is near the $0.3850 level, below which the price could slide and test the $0.3620 support. A downside break below the $0.3620 support might set the pace for more losses. In the stated case, the price may decline toward the $0.3350 level or even $0.3850.
Recently, Ripple was recognized as one of the World’s Top Fintech Companies in 2024 by CNBC and market research firm Statista, based on the analysis and weighting of overarching and segment specific KPIs.
We’re honored to be recognized by @CNBC and @StatistaCharts as one of the World’s Top Fintech Companies in 2024.Thank you to our employees, customers, and supporters on the journey with us! https://t.co/GW0IUuh2su
— Ripple (@Ripple) July 10, 2024
Overall, XRP price is recovering losses from $0.3850. To start a steady increase, the bulls need to soon push the price above the $0.470 and $0.500 resistance levels.
The post XRP Price Ready to Rally? Bulls Need To Clear This Hurdle appeared first on CoinChapter.
