Current trend

The XRP/USD pair continues to move within the medium-term downward trend. Currently, the price is close to the support level of 0.4639 (Murrey level [3/8]), which it has already repeatedly tried to break through during the current month. If successful, the decline in quotes will continue to the levels of 0.4395 (Murrey level [2/8]) and 0.4150 (Murrey level [1/8]). The key for the "bulls" seems to be the resistance zone 0.5020–0.5127 (Fibonacci retracement 23.6%, Murrey level [5/8]), and consolidation above it will lead to renewed growth of quotes to the targets 0.5450 (Fibonacci retracement 38.2%) and 0.5615 (Murrey level [7/8]); however, such a movement option still seems less likely.

Technical indicators point at the preservation of the downward trend. Bollinger Bands are reversing downwards, MACD histogram is increasing in the positive zone and Stochastic is horizontal. One can also note that, unlike most other leading digital assets, in the long term the XRP/USD pair forms a downward trend, which increases the likelihood of continued decline in quotes.

Support and resistance

Resistance levels: 0.5127, 0.5450, 0.5615.

Support levels: 0.4639, 0.4395, 0.4150.

Trading tips

Short positions could be opened below 0.4639 with targets at 0.4395, 0.4150 and stop-loss at 0.4880. Implementation period: 5-7 days.

Long positions may be opened above 0.5127 with targets at 0.5450, 0.5615 and stop-loss at 0.4880.