Current trend

This week, the XRP/USD pair resumed growth within the general market trend and is currently around 0.5615 (Murrey level [3/8], the upper line of Bollinger Bands), having added 13.1% in value over the past three days. Investor optimism is associated with the victory of the Republican Party representative Donald Trump in the US elections, who promised to remove the Chairman of the Securities and Exchange Commission (SEC) Gary Gensler from his job. In this case, the agency’s lawsuit against Ripple for recognizing the XRP token as a security is expected to be settled and the company will fully return to the US market.

Despite the current growth, the quotes remain within the medium-term sideways range of 0.6348–0.5020 (Murrey level [6/8], 23.6% Fibonacci retracement) and cannot leave it. Consolidating the price above the 0.5615 mark will ensure continuation of the upward dynamics to the targets of 0.6104 (Murrey level [5/8], 61.8% Fibonacci retracement) and 0.6348 (Murrey level [6/8]). The 0.5020 mark (23.6% Fibonacci retracement), tested this week, remains key for the “bears”, and consolidating below it may lead to further decline to the targets of 0.4639 (Murrey level [˗1/8]) and 0.4300 (the area of the July lows).

Technical indicators generally allow for continued price growth: Bollinger Bands are horizontal, MACD is preparing to move into positive territory, and Stochastic is pointing up.

Support and resistance

Resistance levels: 0.5615, 0.6104, 0.6348.

Support levels: 0.5020, 0.4639, 0.4300.

Trading tips

Long positions can be opened when the price consolidates above 0.5615 with targets at 0.6104, 0.6348 and a stop-loss at 0.5340. Implementation period: 5–7 days.

Short positions can be opened below 0.5020 with targets at 0.4639, 0.4300 and a stop-loss at 0.5260.