According to our analysis published on 15th July - we also provided a signal with an entry at 0.5979, stop loss 0.5676 and targeted destination 0.7409, while fortunately the market is currently standing 1.0270. We mentioned a major support line at 0.58986 with high supply and demand zone that will cause the continuation of bullish trend rather than a further bearish corrective structure. 0.62807 was our monthly pivot which we described as a temporary destination with exponential moving average 50 on top in daily but the EMA failed to entertain bears and the crytpo currency went way above our major price actions i.e 0.73726 and 0.93824. 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.

BULLISH AND BEARISH CONDITIONS / POSSIBILITIES :

XRP price got a bullish parallel channel on the 12-hour chart, confirming increased 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. 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 0.780. The first resistance for XRP price is at the topside trend line of the governing technical pattern at 1.100, corresponding to the 50% Fibonacci extension level. Bigger aspirations will target the 61.8% Fibonacci extension level at 1.240.

XRPUSD WAY BEYOND OUR TARGETED DESTINATION !!!

Aug 13 2021