FxWirePro- XRPUSD Daily Outlook

XRPUSD trades weak despite reduced selling pressure. It hit a low of $0.50263 and is currently trading around $0.53721.

Ripple supply on exchanges is around 2.58 million tokens as of writing declined more than 25% since Feb. According to Crypto Quant, Binance XRP reserves dropped by 167 million over the past five weeks. This is a bullish sign and will have a positive impact on Ripple.

Horizontal trend line- $0.680

Any daily close below $0.50 confirms further bearishness.

The pair holds above the short-term (34 and below 55- EMA and long-term moving average (200-day EMA) in the 4-hour.

The near-term resistance is around $0.5500, any indicative breach above will take the pair to 0.5800/0.6170/0.6320/$0.650/$0.68/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.500, and any violation below targets $0.50/$0.45/$0.40.

Indicators ( 4- hour chart)

Directional movement index  -Neutral

CCI (50)- Bearish

CCI(14)- Bullish

It is good to buy on dips around $0.5350 with SL around $0.40 for TP of $1.