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Ripple pared most of its gains yesterday on overall crypto market weakness. It hit a low of $0.5535 and is currently trading around $0.5781.
XRP whales accumulated over $50 million XRP within 24 hours between Aug 26 and 27 2024.
Horizontal trend line- $0.750
Downtrend channel resistance- $0.680
Any daily close above $0.68 confirms further bullishness.
The pair holds below the short-term (34 and 55-day EMA) and long-term moving average (200-day EMA).
The near-term resistance is around $0.5910 (34and 55 4 H EMA), any indicative breach above will take the pair to $0.6320/$0.650/$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 -Bearish
CCI (50)- Bearish
CCI(14)- Bearish
It is good to buy on dips around $0.55 with SL around $0.40 for TP of $1.
