Current trend

The XRP/USD pair is actively gaining in value for the second week in a row amid expectations of a September adjustment in interest rates, as well as a possible change in the White House administration, which could lead to loosening of regulatory requirements for digital assets and a positive settlement of the litigation between the Securities and Exchange Commission USA (SEC) and Ripple.

The day before, the price reached four-month highs, rising to the area of 0.6348 (Murrey level [5/8]), but could not consolidate there and corrected to the level of 0.5800 (Murrey level [4/8], Fibonacci retracement 50.0%). The market continues to build a new upward trend, which is confirmed by an upward reversal of Bollinger Bands and an increase in the MACD in the positive zone. If the level of 0.6146 (Fibonacci retracement 61.8%) is broken out again, quotes will be able to resume growth towards the targets 0.6836 (Murrey level [6/8]) and 0.7324 (Murrey level [7/8], Fibonacci retracement 100.0%). It is worth considering that the entry of Stochastic into the overbought zone does not exclude a downward reversal and the development of a downward correction to the area of 0.5371 (Murrey level [3/8]), but is unlikely to lead to a change in the current trend.

In the current conditions, further growth of the XRP/USD pair looks like a more likely scenario.

Support and resistance

Resistance levels: 0.6146, 0.6836, 0.7324.

Support levels: 0.5800, 0.5371.

Trading tips

Long positions can be opened above 0.6146 or when the price reverses at 0.5371 with targets at 0.6836, 0.7324 and stop-losses at 0.5700 and 0.5000, respectively. Implementation period: 5-7 days.