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XRPUSD, Murray Analysis

12/21/2022 3:03 PM

The XRP/USD pair continues to trade within the long-term descending channel: last week the quotes reached its upper limit around 0.3906 (the Murray level [4/8]), but they could not break higher and resumed the decline.

Currently, the price has fallen to the area of 0.3418 (Murray level [2/8]), consolidation below which will give the prospect of further decline to the levels of 0.2930 (Murray level [0/8], the area of June lows) and 0.2686 (Murray level [-1/8]). The key for the "bulls" is the 0.3662 mark (the Murray level [3/8]), supported by the middle line of the Bollinger Bands, in case of its breakout, the price will leave the framework of the descending channel and will be able to rise to the levels of 0.4150 (the Murray level [5/8]) and 0.4395 (the Murray level [6/8], the Fibo retracement 23.6%).

In general, the downward trend in the pair remains, which is confirmed by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone. Stochastic's exit from the oversold zone does not exclude corrective growth, but its potential is seen to be limited.

Resistance levels: 0.3662, 0.4150, 0.4395. | Support levels: 0.3418, 0.2930, 0.2686.

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