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Ripple course: the XRP correction was overdue

  • 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 course

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.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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