Ripple showed a minor pullback as the entire crypto market turned positive after the dovish Fed chairman's speech. It hit a high of $0.60500 and is currently trading around $0.60153.
According to CryptoQuant, the XRP Estimated Leverage Ratio (ELR) declined to 0.60 (negative for XRP).
Ichimoku analysis (4-hour chart)
Tenken-Sen- $0.59828
Kijun-Sen- $0.5946
Horizontal trend line- $0.750
Downtrend channel resistance- $0.680
Any daily close above $0.830 confirms further bullishness.
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 $0.6200, any indicative breach above will take the pair to $0.68/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.55, 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.
