XRP Bounce Fizzles: Golden Pocket Faces Another Test

On Binance’s XRP/USDT daily chart, XRP’s rally to about $1.40 by Wednesday fully reversed over the next three sessions, and a Saturday intraday drop to roughly $1.25 returned it to the golden pocket at $1.24-$1.26. The pocket is the zone between the 0.618 and 0.65 Fibonacci retracements of XRP’s August rally, and it is now being tested after XRP slipped below its 100-day and 200-day simple moving averages near $1.29 and $1.28. Its 14-day RSI fell to about 36, approaching the 30 oversold mark. XRP sits 26% below its August peak and about 28% above its August low.