FxWirePro- XRPUSD Daily Outlook

Ripple pared some of its gains despite positive developments.It hit a low of $0.53292 and is currently trading around $0.55475.

We’re in a private kind of closed beta,” and “will certainly launch soon. Weeks, not months.” Garlinghouse said about ripple USD stablecoin.

AI & Metaverse tech company Futureverse is partnering with Ripple Custody to securely custody its assets. Futureverse has already adopted the XRPL NFT standard, uses XRP as the gas token on the Root Network.

Ripple traders booked a profit $330 million on Sep 1, the largest single-day profit taking in twelve months.

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 $0.5800, any indicative breach above will take the pair to 0.6170/0.6320/$0.650/$0.68/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.5300, 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 $0.5350 with SL around $0.40 for TP of $1.