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XRPUSD, Murray Analysis

8/10/2022 3:56 PM

The XRP/USD pair continues to trade within a broad long-term downward channel, but since the middle of last month has attempted growth, rising to the 0.4060 mark.

This week, the price decline resumed. The quotes broke down the middle line of the Bollinger Bands, which gives the prospect of further downward dynamics to the levels of 0.3418 (Murray [4/8]), 0.3296 (Murray [3/8]). The key for the "bulls" is the level of 0.3784 (Murray [7/8]), consolidation above which may cause a resumption of growth to the levels of 0.3906 (Murray [8/8]) and 0.4028 (Murray [+1/8]).

Technical indicators allow the end of the short-term upward trend and the resumption of further decline in quotations: the Bollinger Bands move to horizontal movement, the MACD histogram decreases in the positive zone, and the Stochastic is directed downwards.  

Resistance levels: 0.3784, 0.3906, 0.4028. | Support levels: 0.3418, 0.3296, 0.3174, 0.3052.




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