- Ripple seems to have gone into a consolidation phase on Saturday.
- $0.2700 area aligns as key support for XRP/USD.
The selling pressure surrounding major cryptocurrencies on Friday caused Ripple to fall sharply and close the day with a 4.6% loss. During the Asian session on Saturday, the XRP/USD pair extended its slide and touched its lowest level in nine days at $0.2734 before going into a consolidation phase. As of writing, the pair was up 0.2% on a daily basis at $0.2801.
Ripple technical outlook
Earlier in the week, XRP/USD rose to its highest level in six months at $0.3280. However, the price met a stiff resistance for the second time this month and made a sharp U-turn. With this move, a double-top seems to have formed on the daily chart, which is seen as a bearish reversal sign. With a break below $0.2700 (daily low, August 11 low, Fibonacci 38.2% retracement of June-August rally), Ripple could extend its losses toward $0.2530 (Fibonacci 50% retracement) and $0.2460 (50-day SMA).
On the other hand, resistances are located at $0.2900 (20-day SMA, Fibonacci 23.6% retracement), $0.3000 (psychological level) and $0.3280.
XRP/USD chart (daily)
