XRP Price Retreats After Massive 80% Rally, Buy The Dips?

XRP price rallied over 80% after the court’s 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 trend line with resistance near $0.50 on the daily chart of the XRP/USD pair (data source from Kraken).
• The pair is currently correcting gains but the bulls might be active near $0.70.

Ripple’s XRP Price Surges Over 80%

After the court’s verdict in favor of Ripple, XRP saw a monster rally above the $0.45 resistance. It broke many hurdles near $0.50, dragging Bitcoin and Ethereum high as well.

There was a break above a major bearish trend line with resistance near $0.50 on the daily chart of the XRP/USD pair. It opened the doors for a strong increase above the $0.65 resistance. The price gained over 80% and even spiked toward the $0.95 level.

A high is formed 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 might revisit the $0.95 resistance zone.

Source: XRPUSD on TradingView.com

The main barrier could be near the $1 level. A clear break above the $1 resistance could open the doors for a sharp increase toward 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 continue to move down. Initial 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 start another major decline toward $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.

Major Support Levels – $0.7500, $0.7000 and $0.6500.

Major Resistance Levels – $0.8500, $0.9200 and $0.9500.

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• Source: https://www.bitcoinnewsminer.com/xrp-price-retreats-after-massive-80-rally-buy-the-dips/