fxs_header_sponsor_anchor

Ripple Price Analysis: XRP/USD trades at fresh 10-day highs above $0.20

  • XRP/USD broke above $0.20 on Saturday following Friday's consolidation.
  • Ripple remains on track to make a daily close above 100-day SMA.

Ripple (XRP/USD) closed the day more than 1% lower on Friday but didn't have a difficult time gaining traction on Saturday. As of writing, the pair was up 2.5% at $0.2028. Earlier in the day, Ripple touched its highest level in 10 days at $0.2065.

Technical outlook

The Relative Strength Index (RSI) on the daily chart rose above 50 for the first time since May 19th to suggest that the bullish momentum is starting to build up. Additionally, the pair remains on track to close the day above both the 100-day and the 50-day SMAs to confirm the bullish outlook.

On the upside, the initial resistance aligns at $0.2160 (200-day SMA) ahead of $0.2200 (static level) and $0.2300 (Fibonacci 50% retracement of February 15 - March 13 downtrend). Supports, on the other hand, are located at $0.2000 (psychological level/50-day SMA/100-day SMA), $0.1900 (May 25/May 21 low).

XRP/USD 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.