Current trend

The XRP/USD pair has been growing since the beginning of last month, but the rise in quotes has currently slowed down. They are forming an Ascending Triangle with the upper boundary at 0.6348 (Murrey level [5/8]), which is now being actively tested. Consolidation above this level will allow growth to continue with targets of 0.6836 (Murrey level [6/8]) and 0.7324 (Murrey level [7/8], the area of March highs). The key support zone for the "bears" appears to be 0.5450–0.5371 (38.2% Fibonacci retracement, Murrey level [3/8]), on the way to which the price will have to break below the center line of Bollinger Bands, and this will ensure a resumption of the decline to the levels of 0.4883 (Murrey level [2/8]), 0.4395 (Murrey level [1/8]) and 0.3906 (Murrey level [0/8]).

The formation of a new upward trend in the market continues, which is confirmed by the upward reversal of Bollinger Bands and the stabilization of MACD in the positive zone; however, the attempt of Stochastic to reverse downwards does not exclude the development of a downward corrective decline, although its potential seems limited.

Support and resistance

Resistance levels: 0.6348, 0.6836, 0.7324.

Support levels: 0.5371, 0.4883, 0.4395.

Trading tips

Long positions may be opened above 0.6348 with targets at 0.6836, 0.7324 and stop-loss at 0.6000. Implementation period: 5-7 days.

Short positions could be opened below 0.5371 with targets at 0.4883, 0.4395 and stop-loss at 0.5660.