$XRP Price Recovers Again - NewsBTC Analytics

XRP price remained stable above the $0.4620 support and recently started a decent upward move like Bitcoin and Ethereum. The bulls were able to push the price above $0.470 to push the price in a short-term bullish zone.

There was a break above a key contracting triangle with resistance at $0.4735 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.4750 resistance zone and the 100-hourly Simple Moving Average. A high was formed at $0.4796 and the price is now consolidating losses.

The price is testing the 23.6% Fib retracement level of the upward move from the $0.4694 swing low to the $0.4796 high. It is now trading above $0.4750 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance near the $0.4790 level. The first major resistance is near the $0.4800 level. The main hurdle is now near $0.4825. A clear move above the $0.4825 resistance might send the price toward the $0.4880 resistance.

The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance zone could send the price higher toward $0.5250. Any more gains might send the price toward the $0.5320 resistance.

If XRP fails to clear the $0.480 resistance zone, it could start another decline. Initial support on the downside is near the $0.4745 level and the 50% Fib retracement level of the upward move from the $0.4694 swing low to the $0.4796 high.

The next major support is at $0.4730 and the 100-hourly Simple Moving Average. If there is a downside break and a close below the $0.4730 level, the price might continue to decline. In the stated case, the price could even trade below the $0.4640 support in the near term.