XRP/USD: technical analysis 22.03.2018


Current trend

On 4-hour chart, XRP/USD is trying to consolidate below the level of 0.6637., which corresponds to the middle line of Bollinger Bands.

Technical indicators reflect the relative calmness of the markets and sideways movement of the price.

Bollinger Bands are pointed sideways.

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

Stochastic’s lines are pointed sideways.

The upward trend will be restored after the price is set below the level of 0.6835 (Murray [6/8]).

In this case, the next targets of buyers will be the level of 0.7140.

If the price is set below the level of 0.6347 (Murray [5/8]), the downward movement can restore, and the instrument can test the support level of 0.5859 (Murray [4/8]).

Support and resistance

Support levels: 0.6347, 0.5859, 0.5371.

Resistance levels: 0.6838, 0.7140, 0.7324.

Trading recommendations

Short positions can be opened below the level of 0.6347 with the target at around 0.5859 and-stop loss 0.6500.

Long positions can be opened above the level of 0.6835 with the target at around 0.7140 and stop-loss 0.6720.