Current trend

Last week, the XRP/USD pair demonstrated ambiguous dynamics. Amid fears of a recession in the US, the quotes fell to the July low of 0.4300 but then compensated for the lost positions, testing the 0.6348 mark (Murrey level [5/8]) amid the decision of Ripple to pay a fine of 125.0M dollars, significantly less than the 2.0B dollars required by the US Securities and Exchange Commission (SEC).

The price is moving within the sideways range of 0.6348–0.4883 (Murrey levels [5/8]–[2/8]) to its lower border, after consolidation below which the decline will continue to the area of ​​0.4300 and 0.3906 (Murrey level [0/8]). If the 0.6348 level, which the asset has been testing for two months, is overcome, an upward trend may develop towards the targets of 0.6836 (Murrey level [6/8]) and 0.7324 (Murrey level [7/8]).

Technical indicators do not give a single signal: Bollinger Bands are reversing downwards, Stochastic is reversing upwards, and the MACD histogram is preparing to move into the negative zone.

Support and resistance

Resistance levels: 0.6348, 0.6836, 0.7324.

Support levels: 0.4883, 0.4300, 0.3906.

Trading tips

Short positions may be opened from the 0.5450 level, with the targets of 0.4883, 0.4395 and stop loss of 0.5760. Implementation period: 5–7 days.

Long positions may be opened above 0.6348, with the targets at 0.6836, 0.7324 and stop loss 0.6000.