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XRPUSD Under the Pressure

3/15/2023 2:09 PM

The XRP/USD pair is moving within the downward channel for the second month.

Over the weekend, the quotes of the sixth token by capitalization, along with the rest of the cryptocurrency market, attempted an upward correction, however, XRP failed to strengthen its position as seriously as other competitors: the price rose to the area of 0.3845 but then again fell below the middle line of Bollinger bands to the area of 0.3700. The pressure on the asset is exerted by the uncertainty associated with the court decision on the suit of the US Securities and Exchange Commission (SEC) against Ripple, which is expected to be issued within the next few weeks. Experts are confident that Ripple will be able to prove that XRP is not a security and resume token trading in the US but there are no guarantees of such a positive outcome for the entire cryptocurrency industry, so investors are still being cautious.

Most likely, soon, the quotes will resume their decline within the downward channel with the targets at 0.3540 (Murrey level [1/8]), 0.3418 (Murrey level [0/8]), 0.3296 (Murrey level [–1/8], lower border of the downward channel). The key “bullish” level is 0.3784 (Murrey level [3/8]), if it is broken through, growth can continue to 0.3906 (Murrey level [4/8], the upper limit of the downwards channel) or 0.4028 (Murrey level [5/8]).

Technical indicators are signaling the continuation of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram is stabilizing in the negative zone. The reversal of Stochastic upwards does not rule out new growth attempts but their potential looks limited.

Resistance levels: 0.3784, 0.3906, 0.4028. | Support levels: 0.3662, 0.3540, 0.3418, 0.3296.

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