- The XRP price recorded a massive increase on August 11th and gained 30%.
- After the bullish move, Ripple is likely to consolidate and retest critical support levels before taking its next move.
- The cross-border remittance token needs to hold above $ 0.964 to hit any higher high.
XRP price has almost doubled in value from its low of $ 0.514 on July 13th. Ripple saw a 30% surge on August 11, leading the bull market in the cryptocurrency markets.
XRP course corrected
The XRP price has formed an ascending parallel channel on the 12-hour chart, confirming the increased interest. Ripple has hit the upside target dictated by the prevailing technical pattern and has climbed to $ 1,088.
After rising 30% on August 11th, XRP price is currently on the retreat, testing key levels of support.
The first line of defense for XRP price is on the 38.2% fibonacci expansion at $ 0.964. Should selling pressure increase, Ripple could retest the upper bound of the parallel channel as a support.
The line of defense could be $ 0.870 on the 200 Simple Moving Average (SMA) on the 12-hour chart. Should buying pressure continue to ease, the XRP price could target the mid-line of the prevailing chart pattern, which coincides with the 27.2% fibonacci extension level at $ 0.832.
The Relative Strength Index (RSI) suggests that Ripple could be slightly overbought right now, which could lead to a subsequent pullback.
In view of this technical setup of the XRP course, further losses are currently not to be expected. However, should Ripple experience a complete fortune reversal, the cross-border remittance token could fall into the demand zone, which stretches from the 50-period MA at $ 0.70 to the lower bound of the parallel channel at $ 0.783.
XRP / USDT 12-hour chart
The initial resistance for XRP price is on the upper trendline of the dominant technical pattern at $ 1.105, which is the 50% fibonacci extension level. For greater ambitions, the 61.8% fibonacci extension level is targeted at $ 1,245.
Bullish investors could target the 78.6% fibonacci extension level at $ 1,446 once the above resistance is overcome. Ripple should experience little resistance on the way up.