- XRP price is surfing on the recovery wave.
- After the dip this morning, Ripple is on a steep recovery and looks to shoot for the stars today.
- The cross-border payment token's price action above S1 is all clear for a jump to $0.80.
XRP price has already recovered 30% since the test of the low this morning, just above $0.50, and looks for further gains.
XRP price is coming back with a vengeance
Even when XRP price fell back below this crucial level, buyers stepped back in to support Ripple.
In the meantime, XRP has gone to S1 around $0.66 and has tested this level to try and break above. If Ripple price can get an entire candle closed above S1, the road lays open for the $0.80 area that falls in line with the pivot.
Further help can come from the psychological level at $0.80. It has acted as resistance since yesterday, and sellers most likely will not come in until XRP price sees that level again.
XRP/USD hourly chart
XRP price is an exciting recovery that still has some more room to go. On the way to new highs, the downward trendline might form an obstacle. Once through there, it is smooth sailing to $0.80.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.