- Ripple continues to move sideways near $0.30 for second straight day.
- XRP/USD remains on track to post highest weekly close in nearly a year.
After rising to its highest level since February at $0.3262 earlier in the month, Ripple (XRP/USD) staged a correction and seems to have found support near $0.27. Following that drop, Ripple has gone into a consolidation phase and continues to have a tough time making a decisive move in either direction. On Saturday, XRP/USD closed the var virtually unchanged near $0.30 and continue to trade near that level on Sunday.
Ripple technical outlook
If Ripple manages to stay above $0.2940 (Fibonacci 23.6% retracement of the latest rally) at the end of the week, it could try to stretch higher toward $0.3185 (February 16 high) and $0.3460 (2020 high). On the downside, supports are located at $0.2940, $0.2820 (20-day SMA) and $0.2745 (Fibonacci 38.2% retracement).
Meanwhile, the daily RSI is now slightly below 70 but the downslope is relatively soft, suggesting that XRP/USD hasn’t yet made a convincing correction after becoming technically overbought.
Ripple chart (daily)