Current trend

The XRP/USD pair is actively adding in value, correcting to the medium-term downward trend, but has currently encountered serious resistance around 0.6348 (Murrey level [5/8]). The price has approached this level several times already but has not yet been able to break higher. If successful, the upward dynamics will intensify towards targets 0.6836 (Murrey level [6/8]) and 0.7324 (Murrey level [7/8], area of March highs). The key support zone for the "bears" seems to be 0.5450–0.5371 (Fibonacci retracement 38.2%, Murrey level [3/8]), a breakdown of which downwards will become a catalyst for a decline to 0.4883 (Murrey level [2/8]), 0.4395 (Murrey level [1/8]) and 0.3906 (Murrey level [0/8]); however, such a movement option in the near future seems less likely.

Technical indicators indicate the continuation of a new upward trend: MACD is increasing in the positive zone, Bollinger Bands and Stochastic are directed upwards, but the latter is approaching the overbought zone, not excluding a correction, the potential of which seems limited.

Support and resistance

Resistance levels: 0.6348, 0.6836, 0.7324.

Support levels: 0.5371, 0.4883, 0.4395.

Trading tips

Long positions may be opened above 0.6348 with targets at 0.6836, 0.7324 and stop-loss at 0.6000. Implementation period: 5-7 days.

Short positions could be opened below 0.5371 with targets at 0.4883, 0.4395 and stop-loss at 0.5660.