• Ripple corrects from three-week lows, in sync with major Cryptocurrencies.
  • 0.3090/95 is the level to beat for the XRP bulls.

Ripple (XRP/USD) consolidates the overnight bounce from three-week lows of 0.2897 so far this Saturday, as the weekend love for the cryptocurrencies appears to have returned. The third-most traded cryptocurrency pauses its four straight days of losses and regains the 0.30 handle, but the bulls appear to take a breather before the next push higher. Despite the latest declines, the coin trades with a market capitalization of about $ 12.93 billion, down nearly 1.80% over the last 24 hours.

Technical perspective

A bullish pennant formation is spotted on the hourly sticks, pointing towards a continuation of the latest recovery in XRP/USD. The price is seen testing the 0.3028 level, the confluence of the descending trend line resistance and downward sloping 50-Hour Simple Moving Average (HMA). A sustained break above the last would validate the bullish pennant pattern, opening doors for a test of the next resistance aligned at 0.3082, the downward sloping 100-HMA. On the upside, only an hourly close above the horizontal resistance placed around 0.3090/95 levels will negate the dead cat bounce sentiment. The bulls will likely take back complete control above the last, calling for a sustained recovery from multi-week lows.

On the flip side, strong support is located at the key 0.3000 level, where the ascending trendline appears. A breach of the round number will see the sellers scrambling for the next support aligned at the horizontal 21-HMA at 0.2975. Selling pressure is likely to intensify if the buyers fail to defend the last, with downside opening towards the three-week troughs near the 0.29 handle.

It's worth noting that the hourly Relative Strength Index (RSI) is highly overbought, suggesting that the pull of gravity is likely to be stronger in the session ahead.

XRP/USD 1-hour chart

XRP/USD Levels to watch

XRP/USD

Overview
Today last price 0.3021
Today Daily Change 0.0059
Today Daily Change % 1.99
Today daily open 0.2964
 
Trends
Daily SMA20 0.3146
Daily SMA50 0.357
Daily SMA100 0.3721
Daily SMA200 0.3445
Levels
Previous Daily High 0.3091
Previous Daily Low 0.2897
Previous Weekly High 0.3308
Previous Weekly Low 0.2897
Previous Monthly High 0.4196
Previous Monthly Low 0.2835
Daily Fibonacci 38.2% 0.2971
Daily Fibonacci 61.8% 0.3017
Daily Pivot Point S1 0.2877
Daily Pivot Point S2 0.279
Daily Pivot Point S3 0.2683
Daily Pivot Point R1 0.3071
Daily Pivot Point R2 0.3178
Daily Pivot Point R3 0.3265

 

 

 


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


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.

More Bitcoin News
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.

More Cryptocurrencies News
Cardano bulls show signs of exhaustion

Cardano bulls show signs of exhaustion

Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.

More Cardano News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory. 

More Cryptocurrencies News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP