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XRPUSD, Murrey Analysis

8/17/2022 3:57 PM

The XRP/USD pair continues to rise for the third month in a row, correcting for a long-term downtrend as part of the overall market trend.

The trading instrument has formed an ascending channel and is trying to resume growth from its lower border. The key “bullish” level is 0.3906 (Murrey [8/8]), a breakdown of which will give the prospect of further upward dynamics to 0.4150 (Murrey [+2/8]) and 0.4330 (Fibonacci correction 23.6%). To resume a serious decline, the price should drop below 0.3662 (Murrey [6/8]) and leave the ascending channel, in which case the targets of the downward dynamics will be 0.3418 (Murrey [4/8]), 0.3296 (Murrey [3/8]) and 0.3174 (Murrey [2/8]).

Technical indicators do not give a single signal: Bollinger bands are turning horizontally, the MACD histogram is stable in the positive zone, Stochastic reverses downwards, and the uptrend continues, however, a price reversal is not excluded soon.

Resistance levels: 0.3906, 0.4150, 0.4330. | Support levels: 0.3662, 0.3418, 0.3296, 0.3174.

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