FxWirePro- XRPUSD Daily Outlook

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.

According to santiment data, the number of XRP whale addresses that hold between 1000000 and 10000000 increased by 2% in Aug.

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 $0.5880-0.5867 (34 and 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.