Current trend

Last week, the XRP/USD pair actively grew and reached its high of November 2021 at 1.2695 (Murrey level [ 1/8]) over the weekend but then lost some of the gained positions and is currently trading at 1.1100.

Investors expect the authorities to soften their attitude towards the cryptocurrency sector after the re-election of Republican Party representative Donald Trump as US President. During the week, the media actively spread reports that Ripple CEO Brad Garlinghouse had already held a personal meeting with the politician, which served as an additional catalyst for the growth of the XRP token. Speaking on the American channel Fox Business, Garlinghouse did not deny or confirm this information but expressed hope that under the new head of the White House, digital innovations would become more widespread.

The positive trend in the market continues today, confirmed by technical indicators. Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, and Stochastic is horizontal. In these conditions, the upward dynamics is the most likely scenario. After a breakout of 1.1719 (Murrey level [8/8]), its targets will be 1.2695 (Murrey level [ 1/8]) and 1.3672 (Murrey level [ 2/8]). If the price consolidates below 0.9766 (Murrey level [6/8]), a correction to ​​0.7812 (Murrey level [4/8], the middle line of Bollinger Bands) and 0.6350 (the upper limit of the long-term sideways range) will become possible.

Support and resistance

Resistance levels: 1.1719, 1.2695, 1.3672.

Support levels: 0.9766, 0.7812, 0.6350.

Trading tips

Long positions should be opened above 1.1719, with the targets 1.2695, 1.3672, and stop loss 1.1000. Implementation period: 5–7 days.

Short positions should be opened below 0.9766, with the targets 0.7812, 0.6350, and stop loss 1.0800.