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- XRP struggled to maintain its bullish momentum on Saturday.
- A correction towards $ 0.25 is in the books.
- A daily close above $ 0.27 could open the door to further gains.
After gaining over 4% on Friday, XRP extended its rally and hit a two-month high of $ 0.2774. However, the bulls appear reluctant to commit to further gains as the price fails to hold above the key resistance area. At the time of writing, XRP was posting small daily losses at $ 0.2640.
A correction towards $ 0.25 is in the books
On the daily chart, the 38.2% Fibonacci retracement of the latest uptrend is located around $ 0.27 and this resistance area is strengthened by the upper bound of the Bollinger Band. The initial break above that hurdle was unsuccessful and XRP is likely to put in place a correction before attempting to push higher.
On the downside, the 100-day SMA is the first technical support at $ 0.26. Below that level, the Bollinger Band midline, Fibo 50% retracement, 20-day SMA, and 50-day SMA are all around $ 0.25, making this level the target. most likely correction.
On the other hand, with a daily close above $ 0.27, the short-term outlook could turn bullish and XRP could turn its attention to $ 0.2775 (daily high) ahead of $ 0.2900 (retracement of Fibonacci 23.6%).
XRP / USD daily chart
XRP started the weekend on a solid footing and rose to its highest level since early September, but failed to maintain its bullish momentum. While Ripple remains on track to close the second consecutive week in positive territory, a pullback to $ 0.25 before the end of the week looks likely.
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