Ripple is trading above the 21 SMA in 4-hour charts, slightly above the bearish channel that is projected from September 10. Above the bullish channel, it is forming a technical pattern of an ascending wedge. A recovery is expected above 0.9576 in the next few hours.
At the fundamental level, on September 24 the People's Bank of China (PBoC) published a new set of measures to promote interdepartmental coordination in an effort to crack down on cryptocurrency exchanges. The measures are intended to cut payment channels, ban websites and mobile applications.
The news is generating uncertainty in the crypto market, and could escalate a panic. This could weaken the main cryptocurrency BTC and in turn the altcoins could fall like Ripple. Therefore, if BTC consolidates below the psychological level of 40,000, the scenario will be very bearish for XRP. So, it could fall to the level of 0.65 and 0.50.
While the market consolidates, we can buy XRP above the 21 SMA with targets at the 200 EMA located at 1.0410 and 1.0742 (3/8), the eagle indicator is showing bullish signal.
The EMA of 200 is the key as long as the price of Ripple is below this level. Any attempt to rise and any fake breakouts will be a good opportunity to sell Ripple with targets at 0.9766 and and 0.8789 level of 1/8 murray.
Support and Resistance Levels for September 27 - 28, 2021
Resistance (3) 1,0303
Resistance (2) 0,9910
Resistance (1) 0,9686
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Support (1) 0,9293
Support (2) 0,9069
Support (3) 0,8789
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Trading tip for RIPPLE for September 27 - 28, 2021
Buy above 0,9576 (SMA 21) with take profit at 0,9766 and 1,0410 (EMA 200), stop loss below 0,9230.
Sell below 0,9230 with take profit at 0,8980 and 0,8789 (1/8), stop loss above 0,9520.
The material has been provided by InstaForex Company - www.instaforex.com