Ripple Price Analysis: XRP/USD recovers from multi-month lows, closes in on $0.18
Ripple (XRP/USD) fell to its lowest level since late March at $0.1690 on Saturday and closed the day with a loss of more than 4%. The positive sentiment surrounding major cryptocurrencies helped Ripple start erasing its losses. As of writing, the XRP/USD pair was up 1.6% on a daily basis at $0.1780.
Ripple technical outlook
Ripple continues to trade below all major daily SMAs despite Sunday's rebound. Meanwhile, the daily RSI seems to be rising modestly after finding support near 30, suggesting that the pair's movement is a technical reaction to the sharp drop witnessed during the week.
$0.1750 (Fibonacci 50% retracement of the uptrend that started around mid-March) aligns a critical support level ahead of $0.1600 (Fibonacci 61.8% retracement). On the upside, resistances align at $0.19 (Fibonacci 38.2% retracement/20-day SMA), $0.20 (psychological level) and $0.2070 (Fibonacci 23.6% retracement).
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.
