XRP price rose more than 80% after the court 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 trendline with resistance near USD 0.50 on the daily chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting gains, but the bulls could be active near $0.70.
Ripple’s XRP price rises more than 80%
Following the court ruling in favor of Ripple, XRP saw a monster rally above the $0.45 resistance. It broke many hurdles near $0.50, also dragging Bitcoin and Ethereum high.
There was a break above a major bearish trendline with resistance near USD 0.50 on the daily chart of the XRP/USD pair. It opened the doors for a strong rise above the $0.65 resistance. The price rose more than 80% and even rose to the $0.95 level.
A high is forming 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 could revisit the $0.95 resistance zone.
Source: XRPUSD at TradingView.com
The main barrier could be near the $1 level. A clear break above the $1 resistance could open the door for a sharp rise towards 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 fall further. The first 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 trigger another big drop to $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.
Main Support Levels – $0.7500, $0.7000 and $0.6500.
Key resistance levels – $0.8500, $0.9200 and $0.9500.
