XRP price is correcting gains from the USD 0.620 resistance against the US dollar. The price could test the support at USD 0.5760 where the bulls could take a stand.
- XRP started a strong rise above the USD 0.580 resistance.
- The price is now trading above USD 0.585 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.5760 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could correct further lower, but the bulls could remain active around $0.5760.
XRP price continues to trend upward
After forming a base above the USD 0.532 level, XRP started a new rally. There was a strong move above the USD 0.555 and USD 0.565 resistance levels. It even outperformed Bitcoin and Ethereum.
A high was formed near USD 0.6204 and the price is now correcting gains. There was a decline below the USD 0.600 level. The price moved even below the 23.6% Fib retracement level of the upward move from the $0.5316 swing low to the $0.6204 high.
XRP is now trading above USD 0.585 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support around $0.5760 on the 4-hour chart.
Source: XRPUSD on TradingView.com
On the upside, immediate resistance is around the $0.5950 level. The first major resistance is at $0.600. A close above the USD 0.600 level could send the price towards the USD 0.620 resistance. If the bulls continue to act above the USD 0.620 resistance level, a rally towards the USD 0.650 resistance could take place. Any further gains could send XRP towards the USD 0.665 resistance.
Are dips supported?
If XRP fails to break the USD 0.600 resistance zone, it may continue to decline. The initial downside support is near the $0.576 zone and the trendline.
The trendline is close to the 50% Fib retracement level of the upward move from the $0.5316 swing low to the $0.6204 high. The next major support is at USD 0.5650. If there is a downside break and a close below the USD 0.5650 level, the XRP price could accelerate lower. In the said case, the price could retest the USD 0.532 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.576, $0.565 and $0.532.
Major resistance levels – $0.600, $0.620 and $0.650.
