Current trend

The XRP/USD pair is trading within the medium-term sideways range of 0.6348–0.5020 (Murrey level [5/8]– 23.6% Fibonacci retracement). At the beginning of this month, the price dropped to its lower border in the area of 0.5371 (Murrey level [2/8]), where it continues to consolidate. The key mark for the “bears” seems to be 0.5020, consolidation below which may cause an increase in the downward dynamics to the targets of 0.4639 (Murrey level [˗1/8]) and 0.4300 (the area of the July lows). If the resistance zone of 0.5800–0.5859 (Fibonacci retracement 50.0%–Murrey level [4/8]) is broken out, the growth of quotes may resume to the upper boundary of the sideways range (0.6348) and further, to the targets of 0.6836 (Murrey level [8/8]) and 0.7324 (Murrey level [ 2/8]).

Technical indicators do not give a clear signal, confirming the uncertainty of the market before the upcoming US presidential elections: Bollinger Bands are narrowing, MACD is stable in the negative zone, Stochastic is horizontal near the oversold zone.

Support and resistance

Resistance levels: 0.5859, 0.6348, 0.6836, 0.7324.

Support levels: 0.5020, 0.4639, 0.4300.

Trading tips

Short positions can be opened below the 0.5020 mark with targets at 0.4639, 0.4300 and a stop-loss at 0.5260. Implementation period: 5–7 days.

Long positions can be opened when the price consolidates above 0.5859 with targets at 0.6348, 0.6836, 0.7324 and a stop-loss at 0.5550.