Ripple Price Analysis: XRP/USD struggles to build on Saturday's gains
- XRP/USD snapped a three-day losing streak on Saturday.
- $0.2000 aligns as a critical resistance that keeps bulls in check.
After falling for three straight days and losing nearly 3% during that period, Ripple (XRP/USD) rose sharply on Saturday and gained 2.85% to close near $0.2000. However, the pair seems to be having a tough time building on its recent gains and was last seen losing 1.12% on the day at $0.1980.
XRP/USD technical outlook
Although Ripple is edging lower on Sunday, it continues to trade above the 100-day SMA that it broke yesterday. Meanwhile, the RSI indicator on the daily chart is pulling away from Saturday's high of 60 but stays above 50, suggesting that the fall is a technical correction.
$0.2000 (Saturday high/psychological level) is a key resistance for XRP/USD. With a decisive break above that level, bulls can target $0.2025 (Fibonacci 50% retracement of May-July drop). On the other hand, supports are located at $0.1960 (100-day SMA), $0.1925 (50-day SMA) and $0.1900 (20-day SMA).
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.
