XRP/USD: technical analysis 28.02.2018

XPRUSD-2018-02-28

Current trend

XRP/USD is trading near the mark of 0.9100. Now the technical indicators reflect the low trading activity and moderate developing of the current sideway trend.

Bollinger Bands are pointed sideways.

MACD volumes are in the negative zone and are moving along the zero line.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

The price is approaching a strong support in the region of 0.9000, which is the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue.

The breakout and consolidation of the price below the level of 0.9000 will let XRP/USD reach the level of 0.8789 (Murray [2/8]).

If the price is set above the level of 0.9277 (Murray [3/8]), the upward trend can restore, and the XRP/USD can retest the resistance level of 0.9765 (Murray [4/8]).

Support and resistance

Support levels: 0.8789, 0.8300, 0.7812.

Resistance levels: 0.9277, 0.9765, 1.0253.

Trading recommendations

Short positions can be opened below the level of 0.9000 with the target at around 0.8789 and stop loss 0.9070.

Long positions can be opened above the level of 0.9277 with the target at around 0.9765 and stop loss 0.9150.