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XRPUSD, Technical Analysis

10/5/2022 2:47 PM

The XRP/USD pair continues to trade within the framework of a long-term downtrend, but since the middle of last month it has been trying to change the direction of movement against the background of the prospects for the imminent completion of the lawsuit by the US Securities and Exchange Commission (SEC) against Ripple Labs.

This week, cryptocurrency quotes are actively adding in value, heading above the key level for the "bulls" of 0.4883 (Murray [2/8]) with subsequent targets at 0.5219 (Fibo retracement 38.2%) and 0.5548 (the area of September highs). The key for the "bears" is the support level of 0.4395 (Fibo retracement 23.6%, Murray [1/8], the middle line of the Bollinger Bands), the breakdown of which will be a catalyst for the development of downward dynamics to the levels of 0.3906 (Murray [0/8]) and 0.3418 (Murray [-1/8]), however, at the moment this option price movements seem less likely.

Technical indicators point out the continuation of the short-term upward trend: the Bollinger Bands and the Stochastic are reversing upwards, the MACD histogram is stable in the positive zone.  

Resistance levels: 0.4883, 0.5219, 0.5548. | Support levels: 0.4395, 0.3906, 0.3418.

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