1 November 2023
XRP price is correcting gains from the $0.620 resistance against the US Dollar. The price might test the $0.5760 support, where the bulls could take a stand.
XRP started a strong increase above the $0.580 resistance.
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-hour chart of the XRP/USD pair (data source from Kraken).
The pair might correct further lower, but the bulls could remain active near $0.5760.
XRP Price Remains In Uptrend
After forming a base above the $0.532 level, XRP started a fresh rally. There was a strong move 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 now correcting gains. There was a decline below the $0.600 level. The price even moved 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 $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 near the $0.5950 level. The first major resistance is $0.600. A close above the $0.600 level could send the price toward the $0.620 resistance. If the bulls remain in action above the $0.620 resistance level, there could be a rally toward the $0.650 resistance. Any more gains might send XRP toward the $0.665 resistance.
Are Dips Supported?
If XRP fails to clear the $0.600 resistance zone, it could continue to move down. Initial support on the downside is near the $0.576 zone and the trend line.
The trend line is near 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 $0.5650. If there is a downside break and a close below the $0.5650 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.532 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace 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.