• Ripple is consolidation weekly gains, trades above $0.57.
  • RSI indicator on the daily chart continues to float above 50.
  • $0.66 aligns as the next target if XRP manages to close above $0.59.

After closing the first two days of the week in the negative territory, Ripple rose sharply and touched its highest level in three weeks at $0.6585 on Thursday. However, XRP struggled to preserve its bullish momentum and went into a consolidation phase over the weekend. As of writing, Ripple was virtually unchanged on the day at $0.5760 and was gaining more than 12% on the week.

XRP closes in on key Fibo resistance

The Fibonacci 23.6% retracement of the bull run that saw Ripple price jump from $0.28 to $0.78 in a week in mid-November is currently located at $0.59. Although XRP rose above that level on Friday and Saturday, it failed to make a daily close there. If Ripple manages to flip that resistance into support, it could target the Next Fibonacci retracement, 23.6%, at $0.66.

In the meantime, the Relative Strength Index (RSI) indicator on the daily chart continues to float above 50, suggesting that XRP has more room on the upside before becoming technically overbought. Furthermore, the price remains on track to close above the 20-day SMA for the third straight day on Sunday6, confirming the near-term bullish outlook.

On the downside, supports are located at $0.5650 (20-day SMA), $0.53 (Fibonacci 50%) and $0.47 (Fibonacci 61.8%). 

Ripple daily chart

Despite the subdued trading action in the last three days, Ripple’s near-term technical outlook remains bullish with a target of $0.66. Only a drop below $0.53 could cause the bearish pressure to buildup. 

(Excerpt) Read more Here | 2020-12-19 17:00:00
Image credit: source

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