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XRPUSD, Technical Analysis

1/25/2023 11:22 AM

The XRP/USD pair has been growing within the general market trend since the beginning of this month, and this week has reached 0.4290 for the first time since November.

Currently, the quotes have corrected to the 0.4000 area, but the current short-term uptrend will be reversed only after the breakdown of the middle line of Bollinger bands in the 0.3780 area, and then the asset will be able to return to 0.3418 (Murrey level [6/8]) and 0.3174 (Murrey level [5/8]). The key "bullish" level is the resistance zone 0.4330–0.4395 (Fibonacci correction 23.6%, Murrey level [+2/8]), the breakout of which allows growth to 0.4750 and 0.5219 (Fibonacci correction 38.2%).

Technical indicators confirm the uptrend in the market: Bollinger bands are reversing upwards, and MACD is growing in the positive zone. The exit of Stochastic from the overbought zone does not exclude the continuation of the corrective decline, but its potential is limited.

Resistance levels: 0.4395, 0.4750, 0.5219. | Support levels: 0.3780, 0.3418, 0.3174.

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