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XRPUSD, Murray Analysis

8/24/2022 3:15 PM

Last week, the XRP/USD pair seriously corrected downwards within the framework of the general market trend.

The price left the mid-term ascending channel and tested the 0.3296 mark (Murray [3/8]), however, it was not possible to consolidate below it, and currently quotes have formed a narrow side channel of 0.3418-0.3296. A breakdown of its lower boundary may cause a further decline to the levels of 0.3174 (Murray [2/8]), 0.3052 (Murray [1/8]). To resume serious growth, quotes will need to consolidate above the level of 0.3662 (Murray [6/8]), supported by the middle line of the Bollinger Bands. In this case, the targets of the increase will be 0.3906 (Murray [8/8]) and 0.4028 (Murray [+1/8]).

In general, the XRP/USD pair continues to form a new downward trend, as evidenced by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone, and the exit of the Stochastic from the oversold zone does not exclude short-term growth, but its potential is seen to be limited.      

Resistance levels: 0.3418, 0.3662, 0.3906, 0.4028. | Support levels: 0.3296, 0.3174, 0.3052.

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