• XRP/USD lost its traction after posting gains for two straight days.
  • Above $0.3250, Ripple could target 2020 highs near $0.3460.
  • XRP/USD could stage a technical correction before the next leg up.

Following the impressive rally witnessed in the last week of July, Ripple (XRP/USD) staged a deep correction to the Fibonacci 38.2% retracement level and found support there. After posting strong gains and rising nearly 6% in the last two days, however, XRP/USD struggled to preserve its bullish momentum in choppy weekend trading and was last seen flat on the day near $0.30.

XRP/USD technical outlook

With a weekly close above $0.2940 (Fibonacci 23.6% retracement of the latest rally), the pair could target $0.3250 and $0.3460 (2020 high). However, the daily RSI indicator is already showing overbought conditions, suggesting there could be a pullback before the pair turns north.

On the downside, $0.2940 (Fibonacci 23.6% retracement) could be seen as the initial support ahead of $0.2820 (20-day SMA) and $0.2745 (Fibonacci 38.2% retracement.)

Additional levels to watch for

XRP/USD

Overview
Today last price 0.2998
Today Daily Change -0.0005
Today Daily Change % -0.17
Today daily open 0.3003
 
Trends
Daily SMA20 0.2774
Daily SMA50 0.2262
Daily SMA100 0.2123
Daily SMA200 0.2144
 
Levels
Previous Daily High 0.3075
Previous Daily Low 0.2901
Previous Weekly High 0.3075
Previous Weekly Low 0.2687
Previous Monthly High 0.2608
Previous Monthly Low 0.1729
Daily Fibonacci 38.2% 0.3009
Daily Fibonacci 61.8% 0.2968
Daily Pivot Point S1 0.2911
Daily Pivot Point S2 0.2819
Daily Pivot Point S3 0.2736
Daily Pivot Point R1 0.3085
Daily Pivot Point R2 0.3167
Daily Pivot Point R3 0.3259

 

Ripple chart (daily)

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