The rebound in the Ripple XRP price from nine-day lows of $1.0543 loses traction just shy of the $1.20 level mark, as sellers regain control early Saturday.
Ripple XRP price has been on a downtrend after failing to sustain above the $1.30 threshold earlier this week. Although Friday’s impressive price bounce has revived optimism for the bullish traders.
On the fundamental front, there is encouraging news lately, with the Ripple team announcing a new development, which could drive XRP Ledger to challenge Ethereum and BSC in the smart contract arena.
XRP has stalled its renewed price upswing, as it runs into fresh offers at the horizontal 50-Simple Moving Average on the four-hour chart at a price of $1.1950.
Despite the latest downtick, XRP price technical picture remains upbeat, especially in light of a falling wedge breakout validated on a sustained break above the falling trendline resistance level at $1.1201 in Europe last session.
The upside breakout prompts Ripple XRP bulls to take out the key 21-SMA and 100-SMA, then at $1.1482 and $1.1629 respectively.
The Relative Strength Index has turned south, collaborating with the retracement in XRP price. The leading indicator is currently trading at a 54.04 level, keeping the bullish traders hopeful.
Therefore, its imperative for Ripple XRP price to defend the 100-SMA, now at $1.1658, to keep the price recovery momentum intact from multi-day troughs.
A failure to hold onto the latter could bring the 21-DMA resistance-turned-support level, now at $1.1342, back in play.
Further south, the wedge resistance now supports at a price of $1.0977 could test the bearish commitments.
The falling trendline cap at $1.0222 will be the last line of defense for XRP buyers
Alternatively, a four-hourly candlestick pattern closing above the 50-SMA will revive the uptrend towards $1.30, where the August 23 high merges.
The next powerful price upside barrier aligns at the August 15 high of $1.3494.
If the bullish momentum gathers strength, then a test of the pattern target measured at a price of $1.3697 remains inevitable.
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