Ripple Price Analysis: XRP/USD looks to retest 200-day SMA near $0.23
- XRP/USD closes in on critical 200-day SMA on Saturday.
- Pair is up more than 14% on a weekly basis.
Ripple (XRP/USD) snapped its 9-day winning streak on Thursday after touching its highest level since March 7th at $0.2357. Following the corrective slide, the pair gained traction on Friday and gained nearly 3% before continuing to push higher on Saturday. As of writing, the pair was up 3% on a daily basis at $0.2245.
XRP/USD technical outlook
On Wednesday and Thursday, the pair tested its 200-day SMA but failed to make a daily close above that critical resistance. During that time, the RSI indicator on the daily chart touched the 70 mark to trigger a technical correction. At the moment, the 200-day SMA is located at $0.2280 and if the pair successfully conquers that level, it could target $0.2460 (Mar. 7 high) ahead of $0.2500 (psychological level).
On the downside, the 100-day SMA seems to have formed a dynamic support at $0.2170. Below that level, $0.2085 (Apr. 30 low) could be seen as the next support before $0.2000 (psychological level).
XRP/USD daily chart
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
