Current trend

The XRP/USD pair has formed a new sideways range of 0.6146–0.5020 (61.8%–23.6% Fibonacci retracement), within which it has been for several months. Over the past two weeks, quotes have stabilized at 0.5859 (Murrey level [4/8], 50.0% Fibonacci retracement) in anticipation of new significant drivers of movement.

The key resistance zone for the “bulls” seems to be 0.6146–0.6348 (61.8% Fibonacci retracement–Murrey level [5/8]), if it’s broken out, growth will be able to resume to the targets of 0.6836 (Murrey level [6/8]), 0.7324 (Murrey level [7/8]). The price consolidation below the lower boundary of the sideways range of 0.5020 (23.6% Fibonacci retracement) will ensure a decline to the levels of 0.4395 (Murray level [1/8]), 0.3906 (Murrey level [0/8], the area of the July lows).

Technical indicators allow for continued growth attempts of the XRP/USD pair in the near future: Bollinger Bands and Stochastic are reversing up, and MACD is stable in the positive zone.

Support and resistance

Resistance levels: 0.6348, 0.6836, 0.7324.

Support levels: 0.5020, 0.4395, 0.3906.

Trading tips

Long positions can be opened above the level of 0.6348 with targets of 0.6836, 0.7324 and stop-loss around 0.6020. Implementation period: 5–7 days.

Short positions can be opened below the 0.5020 mark with targets of 0.4395, 0.3906 and stop-loss around 0.5400.