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XRPUSD, Murray Analysis

2/22/2023 2:36 PM

Last week, the XRP/USD pair attempted to grow within the framework of the general market trend and tested the upper limit of the Murray trading range, supported by the middle line of the Bollinger Bands in the area of 0.3906.

Quotes have not yet managed to consolidate above this level, but if successful, the upward dynamics will be able to continue to the levels of 0.4150 (Murray level [+1/8]), 0.4330 (Fibo retracement 23.6%). The key for the "bears" is the 0.3662 level (Murray level [1/8], the middle line of the Bollinger Bands), consolidation below it will give the prospect of the price returning to the area of 0.3418 (Murray level [6/8]), 0.3174 (Murray level [5/8]).

Technical indicators point out the continuation of a short-term downward trend: the Bollinger Bands and the Stochastic have reversed downwards, and the MACD histogram is at the zero line, its volumes are insignificant.  

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

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