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XRPUSD, Technical Analysis

2/8/2023 11:55 AM

The XRP/USD pair has been actively growing since the beginning of this year as part of the general market trend. However, at present, the upward dynamics have seriously slowed: the price reached three-month highs around 0.4290, after which it rolled back to 0.3906 (Murrey level [8/8]). Fixation below it will give the prospect of further decline to 0.3662 (Murrey level [7/8]) and 0.3418 (Murrey level [6/8]). If the quotes consolidate above the resistance zone of 0.4050–0.4150 (middle line of Bollinger bands, Fibonacci correction 38.2%, Murrey level [+1/8]), growth may continue to 0.4395 (Murrey level [+2/8]), 0.4565 (Fibonacci retracement 61.8%) and 0.4750.

Technical indicators point to the continuation of the uptrend: Bollinger bands are directed upwards, Stochastic is reversing upwards from the oversold zone, and the MACD histogram is stable in the positive zone.

Resistance levels: 0.4150, 0.4395, 0.4565, 0.4750. | Support levels: 0.3906, 0.3662, 0.3418.

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