XRP/USD price is consolidating around the area of 0.5615 (Murray [3/8]).
A significant decrease is possible after the breakout of this level, which can develop to the levels of 0.5371 (Murray [2/8]), 0.5127 (Murray [1/8]).
Technical indicators reflect the moderate maintenance of the current downward trend.
Bollinger Bands are directed down.
MACD histogram is in the negative zone keeping a signal for the opening of sell positions.
Stochastic’s lines are pointed downwards.
The upward trend will be restored after the price is set above the level of 0.5859 (Murray [4/8]), which is the middle line of Bollinger Bands.
In this case, the next targets of buyers will be the level of 0.6103 (Murray [5/8]).
Support and resistance
Support levels: 0.5615, 0.5371, 0.5127.
Resistance levels: 0.5859, 0.6103, 0.6347.
Short positions can be opened below the level of 0.5615 with the target at around 0.5371-0.5127 and stop loss 0.5750.