fxs_header_sponsor_anchor

Ripple Price Forecast: XRP tests key Fibo resistance near $0.27

  • XRP is rising for the third straight day on Sunday.
  • $0.2900 aligns as the next target on the upside.
  • Key support for Ripple is located near $0.2500.

Although Ripple failed to close above $0.2700 on Saturday, it posted gains for the second straight day and continued to edge higher on Sunday. As of writing, XRP was up 1.5% on a daily basis at $0.2720.

Daily close above $0.2700 to pave the way for more gains

The Fibonacci 38.2% retracement of the uptrend seen in July is currently located near $0.27 and XRP is testing this level for the second consecutive day. If Ripple manages to end the week above that level, the next Fibonacci retracement at $0.2900 could be the next target on the upside.

However, the Relative Strength Index (RSI) indicator on the daily chart is within a touching distance of 70. The last time the RSI rose above 70 back in mid-August, the price reversed its course and dropped from $0.3280 to $0.2320 in two weeks. In case a similar correction takes place, $0.2570 (100-day SMA) is the first support ahead of $0.2500, where the Fibonacci 50% retracement is located. If these levels fail to limit XRP's losses, the outlook could turn bearish and the price could extend its slide to 200-day SMA and Fibonacci 61.8% retracement at $0.2350.

 XRP daily chart

Ripple is trying to hold above a key Fibonacci resistance but technical indicators suggest that there could be a technical correction in the near-term. However, as long as the price stays above $0.2500, buyers might look to remain in control of the price action.

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.