Current trend

The XRP/USD pair is trading within a stable side range of 0.5450–0.6146 (38.2% Fibonacci retracement – 61.8% Fibonacci retracement): last week, the quotes reached its upper limit but could not consolidate higher and resumed the decline.

Currently, the price has fallen below the central line of Bollinger Bands (0.5820) and is heading towards the lower limit of the trading range, the breakdown of which will ensure the continuation of negative dynamics to the levels of 0.4883 (Murrey level [2/8]), 0.4300 (the area of August lows). If the price reverses around 0.5450 (38.2% Fibonacci retracement), the growth of the instrument will resume to the targets of 0.6146 (61.8% Fibonacci retracement) and 0.6836 (Murrey level [6/8]).

Technical indicators do not give a clear signal, confirming the continuing uncertainty in the market: Bollinger Bands are horizontal, MACD is stable in the positive zone, and  Stochastic is reversing up from the oversold zone. A significant price movement will become possible only after it finally leaves the side range of 0.5450–0.6146.

Support and resistance

Resistance levels: 0.6146, 0.6836, 0.7324.

Support levels: 0.5450, 0.4883, 0.4300.

Trading tips

Short positions can be opened from 0.5371 with targets of 0.4883, 0.4300 and a stop-loss of 0.5720. Implementation period: 5–7 days.

Long positions can be opened after the price reversal around 0.5450 with targets of 0.6146, 0.6836 and a stop-loss of 0.5130.