- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Trust Wallet with over 100 million users back on Google Play Store after temporary removal
Trust Wallet is a non-custodial software wallet that allows traders to send, receive, exchange and hold digital assets. Users can hold cryptocurrencies and NFTs in their Trust Wallets. The wallet disclosed its removal from Google’s application store, Play Store, early on Monday.
Maker loses 9% in past 24 hours as whales sell MKR for profits
Maker (MKR) wiped out 9% of its value in the past 24 hours. Data from crypto intelligence tracker Santiment shows that large wallet investors are taking profit on their MKR holdings, likely driving down the asset’s price.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.