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XRPUSD, Murrey Analysis

8/31/2022 3:13 PM

Last week, the XRP/USD pair attempted to grow, trying to win back some of the positions lost earlier.

The price tested 0.3662 (Murrey [6/8]), but then the fall resumed in the background of the "hawkish" statements by the head of the US Federal Reserve, Jerome Powell, who announced the long-term preservation of high interest rates. As a result, the trading instrument dropped to 0.3174 (Murrey [2/8]) but cannot consolidate below it yet. If successful, the decline will continue to 0.3052 (Murrey [1/8]), 0.2930 (Murrey [0/8], area of ​​June lows). The key "bullish" level is the middle line of Bollinger bands around 0.3485, after the breakout of which the positive dynamics may resume to 0.3662 (Murrey [6/8]), 0.3784 (Murrey [7/8]) and 0.3906 (Murrey [8/8]).

The XRP/USD pair continues to form a downtrend, which is signaled by a downward reversal of Bollinger bands and an increase in the MACD histogram in the negative zone, while Stochastic exit from the oversold zone does not exclude a short-term growth, but its potential is seen as limited.

Resistance levels: 0.3485, 0.3662, 0.3784, 0.3906. | Support levels: 0.3174, 0.3052, 0.2930.

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