Ripple is consolidating in a narrow range between $0.4327 and $0.6580 for the past two weeks. The Securities Exchange Commission (SEC) has ordered Ripple to pay $125 million in penalties for violating laws through institutional XRP sales and the SEC reduced their initial penalty from $2 billion.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $0.57062
Kijun-Sen- $0.59377
Horizontal trend line- $0.750
Downtrend channel resistance- $0.680
XRPUSD has performed well after a minor weakness.
Any daily close above $0.830 confirms further bullishness.
XRPUSD prices showed a minor sell-off after forming a double top.It hit a high of $0.6580 and is currently trading around $0.57277.
92. The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).
The near-term resistance is around $0.6800, any indicative breach above will take the pair to $0.75/0.820/0.900/$1. On the lower side, immediate support is $0.5450, and any violation below targets $0.50/$0.45/$0.40.
Indicators ( 4- hour chart)
Directional movement index - Neutral
It is good to buy on dips around $0.55 with SL around $0.40 for TP of $1.
