XRP / USD is trading with a bearish bias and gradually moving towards the 3/8 murray support at $ 0.5859. This is an important level for the bulls because if they do not defend it, a very sharp decline to the 0.3906 support zone could occur.
There is a psychological level that the market has tested on June 22. If the price returns to this level and bounces above, it could be a good opportunity to buy. On the contrary, if the downward pressure breaks this area, the arrival will be at $0.3906.
We believe that Ripple could continue to consolidate for a while and continue to bounce above 0.5859. The target on the upside is the resistance zone of the 21 SMA and the 4-hour bearish channel around 0.6250.
If the price of XRP breaks out of the 21 SMA and the bearish channel and consolidates above 0.63.50, there is a possibility of an increase in the value of XRP towards the resistance zone of the EMA 200 located at $0.6907.
The eagle indicator on 4-hours charts is showing a bearish signal. We believe that any bounce towards the resistance zone of the 21 SMA or the 200 EMA will be opportunities to continue selling Ripple (XRP / USD).
Support and Resistance Levels for July 15 - 16, 2021
Resistance (3) 0.6408
Resistance (2) 0.6245
Resistance (1) 0.6069
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Support (1) 0.5748
Support (2) 0.5673
Support (3) 0.5520
The material has been provided by InstaForex Company - www.instaforex.com