FxWirePro- XRPUSD trades higher as Grayscale launches XRP trust, good to buy on dips

XRPUSD surged sharply after positive developments. It hit a high of $0.58880 and is currently trading around $0.5650.

Recent News

We are proud to announce the creation of a new single-asset crypto investment fund XRP Grayscale Trust, which will be available through private placement. This has increased the speculation of XRP ETF.

Horizontal trend line- $0.680

Any daily close below $0.50 confirms further bearishness.

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

The near-term resistance is around $0.6000, 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 $0.550, 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.