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.

Eren Sengezer FXStreet

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

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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