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- Saturday XRP / USD clings to small daily gains.
- $ 0.23 is the next line of defense ahead of $ 0.22.
- Strong resistance appears to have formed near $ 0.26.
Ripple (XRP / USD) closed the previous three days in negative territory and hit its lowest level in nearly a month at $ 0.2322 on Friday. While the pair erased much of its losses before closing near $ 0.24, it struggled to gather further bullish momentum on Saturday. At the time of writing, XRP / USD was up 0.5% on the day to $ 0.2407.
XRP / USD technical outlook
The Relative Strength Index (RSI) indicator on the daily chart remains below 50 and both the 20-day and 50-day SMAs continue to float above the price, suggesting that market participants have not yet committed to a decisive rebound . On the downside, a strong support appears to have formed near $ 0.23, where the Friday low and the 200-day SMA are located. With a daily close below that level, XRP / USD could extend its decline to $ 0.22 (September 23 low / mid-August-October drop starting point).
Initial resistance is found at $ 0.2450 (50-day SMA / 23.6% Fibonacci retracement). If the pair manages to sustain above that level, sellers are likely to try to regain control of the price around $ 0.26 (Fibonacci 38.2% retracement / 100-day SMA).
Ripple daily chart
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