XRP price is correcting gains above the $0.620 resistance against the US Dollar. The price is likely to test the $0.5760 support level, where the bulls are likely to take a stand.
XRP started a strong increase above the $0.580 resistance.
The price is currently 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 could correct further, but the bulls are likely to remain active near $0.5760.
XRP price maintains upward trend
After forming a base above $0.532, XRP started a fresh rally. It strongly broke above the $0.555 and $0.565 resistance levels. It even outperformed Bitcoin and Ethereum.
A high was formed near $0.6204 and the price is currently correcting gains below the $0.600 level. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.5316 swing low to $0.6204 high.
XRP is currently 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.
Is the decline supported?
If XRP fails to break out of the $0.600 resistance zone, it might continue to decline. An initial support on the downside is near the $0.576 area and the trend line.
The trend line is located near the 50% Fib retracement level of the upward move from the $0.5316 swing low to $0.6204 high. The next major support is $0.5650. If there is a downside break and close below $0.5650, XRP price is likely to accelerate its decline. In the mentioned case, the price is likely to retest the $0.532 support area.
