XRP Price Retreats After Massive 80% Rally, Buy The Dips?

Aayush Jindal

1 year ago

2 mins read

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XRP price rallied over 80% after the court’s ruling and jumped above $0.80 against the US Dollar. It tested the $0.95 zone and is currently correcting gains.

Ripple’s token price surged above the $0.65 and $0.80 resistance levels against the US dollar.
It is trading well above $0.5000 and the 100-day simple moving average.
There was a break above a major bearish trend line with resistance near $0.50 on the daily chart of the XRP/USD pair (data source from Kraken).
The pair is currently correcting gains but the bulls might be active near $0.70.

Ripple’s XRP Price Surges Over 80%

After the court’s verdict in favor of Ripple, XRP saw a monster rally above the $0.45 resistance. It broke many hurdles near $0.50, dragging Bitcoin and Ethereum high as well.

There was a break above a major bearish trend line with resistance near $0.50 on the daily chart of the XRP/USD pair. It opened the doors for a strong increase above the $0.65 resistance. The price gained over 80% and even spiked toward the $0.95 level.

A high is formed near $0.9479 and the price is now correcting gains. It is trading below the 23.6% Fib retracement level of the upward move from the $0.4460 swing low to the $0.9479 high.

XRP is still well above $0.5000 and the 100-day simple moving average. Immediate resistance is near the $0.85 level. The first major resistance is seen near the $0.92 level, above which the price might revisit the $0.95 resistance zone.

Source: XRPUSD on TradingView.com

The main barrier could be near the $1 level. A clear break above the $1 resistance could open the doors for a sharp increase toward the $1.10 resistance. The next major resistance above the $1.10 level could be near the $1.20 level.

Are Dips Supported?

If XRP fails to clear the $0.850 resistance, it could continue to move down. Initial support on the downside is near the $0.750 level.

The first major support could be near the $0.70 level or the 50% Fib retracement level of the upward move from the $0.4460 swing low to the $0.9479 high. If the price fails to stay above $0.70, it could start another major decline toward $0.55.

Technical Indicators

Daily MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is in the overbought zone.

Major Support Levels – $0.7500, $0.7000 and $0.6500.

Major Resistance Levels – $0.8500, $0.9200 and $0.9500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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