In the 4-hour chart we note that Ripple (XRP / USD) made a maximum in the 0.7350 area, then had a fall of more than 50% to the support levels of 0.35, this volatility is an anticipation of what could happen in the medium term with Ripple.
This morning of February 5, it is trading above its uptrend channel on the 4-hour chart and above Murray’s 4/8 and the 21 SMA, which is a strong signal that the XRP / USD could have a target in the short term, up to the 0.5859 zone of the 6/8 of Murray.
The eagle indicator is showing a bullish signal for Ripple, it is at 50% of its signal and it is likely that this pair will reach levels of 0.70 to enter an overbought, therefore it would be a good option to continue buying XRP / USD.
Our recommendation is to buy XRP / USD if there is a correction to the trend line or the 21 SMA, those zones will be good buying points in the short term.
Support And Resistance Levels For February 05 – 08, 2021
Resistance (1) $0.5001
Resistance (2) $0.5308
Resistance (3) $0.5796
Support (1) $0.3998
Support (2) $0.3466
Support (3) $0.3159
The material has been provided by InstaForex Company – www.instaforex.com
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