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XRPUSD, Technical Analysis

12/14/2022 2:30 PM

The XRP/USD pair moves within a long-term downward channel, trading within a sideways movement for the last month and a half. This week, the quotes fell to 0.3662 (Murrey [3/8]) but then corrected against the positive November inflation data in the US.

Currently, the asset is testing 0.3906 (Murrey [4/8], the middle line of Bollinger bands), consolidation above which will allow it to leave the downwards channel and continue rising to 0.4360 (Murrey [6/8], Fibonacci correction 23.6%), 0.4639 (Murrey [7/8]), 0.4883 (Murrey [8/8]). The key "bearish" level is 0.3662 (Murrey [3/8]), which breakdown will give the prospect of a decline to 0.3418 (Murrey [2/8]), 0.3174 (Murrey [1/8]) and 0.2930 (Murrey [0 /8], the region of June lows). Uncertainty in the market associated with today's meeting of the US Federal Reserve remains, and the movement of the trading instrument will depend on the comments of US regulator officials.

Technical indicators do not give a single signal: Bollinger bands are horizontal, MACD is near the zero line, keeping insignificant volumes, but Stochastic is directed upwards.

Resistance levels: 0.3906, 0.4360, 0.4639, 0.4883. | Support levels: 0.3662, 0.3418, 0.3174, 0.2930.

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