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XRPUSD, Technical Analysis

11/30/2022 2:27 PM

The XRP/USD pair continues to trade within the mid-term descending channel, but last week it entered a narrow sideways range of 0.3173-0.2984 (Murray [1/8], Fibo retracement 0.0%), where it is now.

A breakdown of the 0.2984-0.2929 zone (Fibo retracement 0.0%, Murray level [0/8]) will ensure a further decline in quotes to the levels of 0.2685 (Murray level [-1/8]), 0.2441 (Murray level [-2/8]). The key for the "bulls" is the level of 0.3418 (Murray level [2/8], the upper line of the Bollinger Bands), in case of its breakout, the price will leave the descending channel and will be able to rise to the area of 0.3906 (Murray level [4/8], Fibo retracement 38.2%), 0.4394 (Murray level [6/8], Fibo retracement 50.0%).

Technical indicators signal the continuation of the downward trend: the Bollinger Bands and the Stochastic are directed downwards, the MACD histogram is decreasing in the negative zone, so the resumption of the decline in the near future is seen as a more likely scenario.     

Resistance levels: 0.3418, 0.3906, 0.4394. | Support levels: 0.2929, 0.2685, 0.2441.

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