XRPUSD Daily Outlook

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.