[ad_1]
- XRP is on the rise for the third consecutive day Sunday.
- $ 0.2900 aligns as the next upside target.
- The key support for Ripple lies near $ 0.2500.
Although Ripple failed to close above $ 0.2700 on Saturday, it posted gains for the second consecutive day and continued to rise on Sunday. At the time of writing, XRP is up 1.5% on a daily basis to $ 0.2720.
Daily close above $ 0.2700 to pave the way for further gains
The 38.2% Fibonacci retracement of the uptrend seen in July is currently near $ 0.27 and XRP is testing this level for the second consecutive day. If Ripple ends the week above that level, the next Fibonacci retracement of $ 0.2900 could be the next upside target.
However, the Relative Strength Index (RSI) indicator on the daily chart is at a contact distance of 70. The last time the RSI rose above 70 in mid-August, the price reversed its course and fell. from $ 0.3280 to $ 0.2320 in two weeks. In case a similar correction occurs, $ 0.2570 (100-day SMA) is the first support ahead of $ 0.2500, where the 50% Fibonacci 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 the 200-day SMA and 61.8% Fibonacci retracement at $ 0.2350.
XRP daily chart
Ripple is trying to hold a key Fibonacci resistance, but technical indicators suggest there may be a short-term technical correction. However, as long as the price remains above $ 0.2500, buyers may be looking to stay in control of the price action.
.[ad_2]Source link
