Ripple’s XRP price gained 2.63% on Saturday to end the day at $0.48407, partially reversing Friday’s 4.06% fall, failing to touch $0.50 levels for a 3rd consecutive day.
A start of the day bounce from the day’s $0.46936 low to $0.49425 would have certainly provided some hope of a strong weekend rally, with the day’s first major resistance level of $0.4915 being tested early, but as has been the case in recent weeks, key resistance levels have led to pullbacks. Ripple’s XRP broke through $0.4915 on a number of occasions, failing to move through to $0.50 levels on each, the last push in the middle part of the day coming up just shy with the day’s $0.49971 intraday high.
It was south from there, with Ripple’s XRP pulling back to $0.4806 before settling at mid-$0.48 levels.
At the time of writing, Ripple’s XRP was up 0.32% to $0.48616, with moves through the early part of the day leaving major support and resistance levels untested.
An intraday high $0.49245 came up short of the day’s first major resistance level of $0.4994 and more importantly, $0.50 levels, with the 23.6% FIB Retracement Level untested in recent days affirming the bearish trend formed back at 19th March’s swing hi $0.72872.
For the day ahead, Ripple’s XRP will need to break through to $0.50 levels, though managing to hold at key resistance levels may be an issue, as investors continue to hit the sell button, holding Ripple’s XRP and the broader market back from a more solid recovery.
Falling short of $0.50 levels by the middle of the afternoon could see investors turn bearish, a pullback to yesterday’s $0.46936 low to test the day’s first major support level of $0.4691 a likely outcome, with weekend rallies having a tendency to reverse before the start of a new week.
FxEmpire
