Ripple Price Analysis: XRP/USD struggles to stage a convincing rebound, trades near $0.24


  • XRP/USD is clinging to small daily gains on Saturday.
  • $0.23 is the next line of defence ahead of $0.22. 
  • Strong resistance seems to have formed near $0.26.

Ripple (XRP/USD) closed the previous three days in the negative territory and touched its lowest level in nearly a month at $0.2322 on Friday. Although the pair erased a large portion of its losses before closing near $0.24, it struggled to gather further bullish momentum on Saturday. As of writing, XRP/USD was up 0.5% on the day at $0.2407.

XRP/USD technical outlook

The Relative Strength Index (RSI) indicator on the daily chart remains below 50 and both the 20-day and the 50-day SMAs continue to float above the price, suggesting that market participants haven't committed to a decisive rebound yet. On the downside, strong support seems to have formed near $0.23, where Friday's low and the 200-day SMA are located. With a daily close below that level, XRP/USD could extend its decline to $0.22 (September 23 low/ starting point of the mid-August-October decline).

The initial resistance is located at $0.2450 (50-day SMA/ Fibonacci 23.6% retracement). If the pair manages to hold above that level, sellers are likely to look to retake the control of the price around $0.26 (Fibonacci 38.2% retracement/100-day SMA).

Ripple daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Polkadot: Must reclaim key level for a chance to see new all-time highs

Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart. The digital asset faces a key resistance level which could be the key to new all-time highs. Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.

More Polkadot News

VeChain: Edges closer to a breakout

VET price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.

More VeChain News

Ocean Protocol’s latest developments could provide OCEAN price tailwind for a 60% upswing

Ocean Protocol announces a collaboration with Benchmark protocol to expand the DeFi data economy. Now, it's price needs to reset before it goes on a 60% bull rally to new highs.

More Cryptocurrencies News

Fundamentals grow strong despite crypto market-wide correction

Kraken CEO believes Bitcoin will hit $1 million. Leading brokerage firm Charles Schwab is planning to roll out crypto trading services.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP