XRP Price Prediction: A Fresh Rally Is Around The Corner?
February 14 2024 - 12:18AM
NEWSBTC
XRP price is consolidating below the $0.538 resistance. The price
could start a fresh rally if it clears the $0.5380 and $0.5500
resistance levels. XRP is struggling to clear the $0.5350 and
$0.5380 resistance levels. The price is now trading above $0.520
and the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support at $0.5170 on the 4-hour chart of
the XRP/USD pair (data source from Kraken). The pair could start a
fresh rally if it clears the $0.5380 and $0.5500 resistance levels.
XRP Price Eyes Fresh Rally In the past few days, XRP price
recovered higher from the $0.4980 zone. There was a move above the
$0.505 and $0.5120 resistance levels. However, the bears remained
active near the $0.5380 resistance and protected more upsides,
unlike Bitcoin and Ethereum. The recent high was formed at $0.5375
before there was a downside correction. There was a move below the
$0.5220 level. The price even spiked below the 50% Fib retracement
level of the upward move from the $0.4980 swing low to the $0.5375
high. Ripple’s token price is now trading above $0.520 and the 100
simple moving average (4 hours). There is also a key bullish trend
line forming with support at $0.5170 on the 4-hour chart of the
XRP/USD pair. On the upside, immediate resistance is near the
$0.5300 zone. Source: XRPUSD on TradingView.com The first key
resistance is near $0.5380, above which the price could rise toward
the $0.550 resistance. A close above the $0.550 resistance zone
could spark a strong increase. The next key resistance is near
$0.5850. If the bulls remain in action above the $0.5850 resistance
level, there could be a rally toward the $0.600 resistance. Any
more gains might send the price toward the $0.620 resistance.
Another Decline? If XRP fails to clear the $0.5380 resistance zone,
it could start another decline. Initial support on the downside is
near the $0.518 zone and the trend line. The next major support is
at $0.5120. If there is a downside break and a close below the
$0.5120 level, the price might accelerate lower. In the stated
case, the price could retest the $0.480 support zone. Technical
Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace
in the bearish zone. 4-Hours RSI (Relative Strength Index) – The
RSI for XRP/USD is now near the 50 level. Major Support Levels –
$0.517, $0.512, and $0.480. Major Resistance Levels – $0.530,
$0.538, and $0.550.
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