XRP price is correcting its gains from the $0.620 resistance level against the US Dollar. The price may test the support level at $0.5760, where the bulls can take a position.

• XRP started to rise strongly above the $0.580 resistance level.
• The price is now trading above $0.585 and the 100 simple moving average (4-hours).
• There is a major bullish trend line forming with support near $0.5760 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
• The pair may correct further lower, but the bulls may remain active near $0.5760.

XRP price is still in an uptrend

After forming a base above the $0.532 level, XRP started a new rally. There was a strong move above the $0.555 and $0.565 resistance levels. It even outperformed Bitcoin and Ethereum.

A top has been formed near $0.6204 and the price is now correcting its gains. There was a decline below the $0.600 level. The price also moved below the 23.6% Fibonacci retracement level of the upward move from the swing low at $0.5316 to the swing high at $0.6204.

XRP is now trading above $0.585 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.5760 on the 4-hour chart.

Source: XRPUSD on TradingView.com

On the upside, immediate resistance is located near the $0.5950 level. The first major resistance is $0.600. A close above the $0.600 level could send the price towards the $0.620 resistance level. If the bulls keep moving above the $0.620 resistance level, there could be a rally towards the $0.650 resistance level. Any further gains could send XRP towards the $0.665 resistance level.

Are the declines supported?

If XRP fails to cross the $0.600 resistance area, it may continue to move lower. Initial support on the downside is near the $0.576 area and trend line.

The trend line is located near the 50% Fibonacci retracement level of the upward move from the swing low of $0.5316 to the swing high of $0.6204. The next major support is at $0.5650. If there is a downward breakout and close below the $0.5650 level, the XRP price may accelerate lower. In the mentioned case, the price could retest the $0.532 support area.

Technical indicators

MACD on 4-hour chart – The MACD indicator for XRP/USD is now losing speed in the bullish zone.

4-Hours 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.