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XRP/USD: Murrey analysis

8/3/2022 3:35 PM

Current trend

The XRP/USD pair has been growing for three weeks in a row, correcting to a long-term downtrend, and as a result, the cryptocurrency quotes reached two-month highs around 0.4060, after which they resumed their decline, dropping to the middle line of Bollinger bands around 0.3590, which is the key “bearish” level, which breakdown will allow the trading instrument to continue moving towards 0.3418 (Murrey [6/8]), 0.3174 (Murrey [5/8]), 0.2930 (Murrey [4/8]). The key “bullish” level is 0.3906 (Murrey [8/8]), consolidating above which will become a catalyst for upward dynamics around ​​0.4150 (Murrey [+1/8]), 0.4395 (Murrey [+2/8], Fibonacci correction 23.6%.

The short-term uptrend persists, which confirms the upward reversal of Bollinger bands and the stabilization of the MACD histogram in the positive zone. However, a downward reversal of Stochastic does not rule out a reversal of the current trend and the quotes returning to the previously formed sideways range of 0.2930–0.3660.

Resistance levels: 0.3906, 0.4150, 0.4395. | Support levels: 0.3590, 0.3418, 0.3174, 0.2930.

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