Ripple Price Analysis: XRP/USD struggles to build on Friday's recovery gains
- Ripple trades with modest losses near $0.18 on Saturday.
- XRP/USD remains on track to close third straight week in the negative territory.
After finding resistance near $0.19, Ripple (XRP/USD) posted losses for three straight days but staged a modest recovery on Friday. However, the pair seems to be struggling to extend its rebound on Saturday and was last seen losing 0.47% on the day at $0.1818.
On a weekly basis, Ripple is down more than 2% and remains on track to close in the negative territory for the third straight week.
Technical outlook
On the daily chart, the Relative Strength Index (RSI) indicator continues to inch lower below 40, suggesting that the bearish pressure is likely to remain intact in the near-term. Additionally, the 20-day SMA made a bearish cross with the 100-day SMA, confirming the negative outlook.
On the downside, the initial support aligns at $0.1750 (Fibonacci 50% retracement of the uptrend that started around mid-March). With a daily close below that level, Ripple could extend its slide toward the next Fibonacci support at $0.16.
Resistances, on the other hand, could be seen at $0.19 (Fibonacci 38.2% retracement/20-day SMA) ahead of $0.20 (psychological level) and $0.2070 (Fibonacci 23.6% retracement).
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.
