- 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
On an hourly chart, XRP price saw the dip yesterday around $0.50. However, the volume displayed heavy buying action entered the market and push Ripple price back above S2 at $0.55.
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.