- XRP price witnessed a substantial surge on August 11, rallying 30%.
- Following the bullish move, Ripple is expected to consolidate and retest critical support levels before making its next move.
- The cross-border remittance token needs to hold above $0.964 for it to aim for a higher high.
XRP price has nearly doubled its value since its low recorded at $0.514 on July 13. Ripple has made a 30% advance on August 11, leading the bull run across cryptocurrency markets.
XRP price retraces before aiming higher
XRP price has printed an ascending parallel channel on the 12-hour chart, confirming accelerated interest. Ripple has reached the upside target given by the governing technical pattern, surging to $1.088.
Following the 30% rise seen on August 11, XRP price is currently retracing, testing crucial support levels.
The first line of defense for XRP price is at the 38.2% Fibonacci extension level at $0.964. Should selling pressure see an increase, Ripple could retest the upper boundary of the parallel channel as support.
The line of defense could be found at the 200 twelve-hour Simple Moving Average (SMA) at $0.870. If buying pressure subsides further, XRP price could tag the middle boundary of the prevailing chart pattern, coinciding with the 27.2% Fibonacci extension level at $0.832.
The Relative Strength Index (RSI) is indicating that Ripple could be slightly overbought at the moment, leading to its subsequent retracement.
Further losses are not expected at the moment given by this XRP price technical setup. However, should Ripple see a complete reversal of fortune, the cross-border remittance token could fall into the demand zone that extends from the 50 twelve-hour SMA at $0.70 to the lower boundary of the parallel channel at $0.783.
XRP/USDT 12-hour chart
The first resistance for XRP price is at the topside trend line of the governing technical pattern at $1.105, corresponding to the 50% Fibonacci extension level. Bigger aspirations will target the 61.8% Fibonacci extension level at $1.245.
Bullish investors could aim for the 78.6% Fibonacci extension level at $1.446 once the aforementioned resistance levels have been conquered. Ripple should see little resistance ahead as it advances to the upside.
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.
Recommended Content
Editors’ Picks
What Shiba Inu price needs to do to trigger a breakout
Shiba Inu (SHIB) price is seeing a bit of a pullback and could drop even further in search of support after bulls failed to keep their act together during the recent rally and began grasping at early profits.
Former Ripple CTO is dumping millions of XRP, traders beware
XRP price shows promise that it is ready to trigger a massive run-up as the first half of the year comes to an end. There are three reasons why investors should be bullish on Ripple.
Is Cardano’s Vasil hard fork a ‘sell the news’ event?
Cardano price looks like it will face a massive amount of selling pressure that could lead to choppy price action. However, the fundamental side of things looks good for ADA considering the recent update regarding the highly anticipated Vasil hard fork.
New sources affirm USDD is on a path to collapse like Terra’s UST
Tron launched its stablecoin USDD in May, at the same time as Terra’s sister tokens LUNC (formerly LUNA) and UST were imploding. The stablecoin recently detached from its $1 peg, sparking fears of a crash.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.