Current trends

This week, the XRP/USD pair continues to grow in the general market trend towards the election of the Republican representative Donald Trump as President of the United States, who has repeatedly expressed his loyalty to digital assets. Yesterday, the price reached a twelve-month high of 0.7480 but could not consolidate higher and corrected downward. Thus, the asset left the sideways range of 0.6348–0.5020 (Murrey level [5/8], Fibonacci correction 23.6%) and tried to continue the positive dynamics from 0.6836 (Murrey level [6/8]) to 0.7812 (Murrey level [8/8]) and 0.8301 (Murrey level [ 1/8]). In case of a decline and breakout of 0.6348 (Murrey level [5/8]), the price will return to the sideways channel and may reach the area of 0.5450 (Fibonacci correction 38.2% of the middle line of the Bollinger bands) and 0.5020 (Fibonacci correction 23.6%).

Technical indicators reflect the formation of an uptrend: the MACD histogram is increasing in the positive zone, Bollinger bands are reversing up, and Stochastic is reversing down from the overbought zone, excluding a limited correction.

Support and resistance

Resistance levels: 0.7812, 0.8301.

Support levels: 0.6348, 0.5450, 0.5020.

Trading tips

Buy positions can be opened from 0.7055, with targets at 0.7812, 0.8301, and stop loss at 0.6620. Implementation period: 5–7 days.

Sell positions can be opened below 0.6348, with targets at 0.5450, 0.5020, and stop loss at 0.6580.