FxWirePro- XRPUSD Daily Outlook

Ripple is consolidating in a narrow range between $0.43128 and $0.6580 for the past

three weeks. It hit a high of $0.61500 and is currently trading around $0.599

According to CryptoQuant, transactions between Whale to exchange has increased  10 times(positive  for Ripple)

The Ripple XRP legder testnet reset was successfully completed on August 20. Main aim

To enhance the ecosystem by limiting Testnet XRP access.

To reduce node and operational costs.

Ichimoku analysis (4- hour chart)

Tenken-Sen- $0.5820

Kijun-Sen- $0.54467

Horizontal trend line- $0.750

Downtrend channel resistance- $0.680

XRPUSD has performed well after a minor weakness.

Any daily close above $0.830 confirms further bullishness.

XRPUSD prices trade flat after a massive jump. The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).

The near-term resistance is around $0.6800, any indicative breach above will take the pair to $0.75/0.820/0.900/$1. On the lower side, immediate support is $0.5450, and any violation below targets $0.50/$0.45/$0.40.

Indicators ( 4- hour chart)

Directional movement index - Neutral

It is good to buy on dips around $0.55 with SL around $0.40 for TP of $1.