Crypto Updates by Solid ECN

Commercial Content Analysts
21

XRPUSD continues to trade within a wide descending channel. At the end of March, quotes unsuccessfully tried to get out of it through the upper border and since then have continued a steady downward movement.

This week, the price of the token has tested the level of 0.6348 (Murray [1/8]), consolidating below which will give the prospect of further price decline to the levels of 0.5859 (Murray [0/8], Fibonacci retracement 0.0%) and 0.5371 (Murray [-1/8]). The key for the “bulls” seems to be the level of 0.6836 (Murray [2/8]), and if it is broken upwards, it will be possible to resume growth with a new attempt to test the upper border of the descending channel. The targets of the move will be 0.7324 (Murray [2/8], center line of Bollinger Bands) and 0.7812 (Murray [4/8], Fibonacci retracement 23.6%).

Bollinger Bands downward reversal and the increase in the MACD histogram in the negative zone signal a continuation of the downtrend; however, Stochastic is reversing upwards from the oversold zone, which does not exclude corrective growth.

Resistance levels: 0.6836, 0.7324, 0.7812 | Support levels: 0.6348, 0.5859, 0.5371

22

Last week, BTCUSD was trading in the range of 40625 - 37500 (Murray [2/8]-[0/8]) under pressure from the upcoming US Federal Reserve meeting, which will announce a reduction in the balance of the regulator and an increase in the interest rate to 0.50%, which should strengthen the position of the US currency. The prospects for the growth of the US dollar against alternative assets are forcing investors to abandon cryptocurrencies, which confirms the outflow of capital from BTC, ETH, and other market leaders.

Meanwhile, the publication of weak data on the US Gross Domestic Product in the current quarter (a decrease of 1.4% was recorded) led to a short-term upward correction in BTCUSD, as it created the possibility of a slowdown in rate growth to 25 percentage points. It is worth noting that the market’s enthusiasm was quickly exhausted, since most experts agreed that the current contraction of the US economy is not a sign of an impending recession, but is the result of temporary factors, so the country’s financial authorities will probably not back down from their intention to tighten the monetary policy parameters more aggressively.

The instrument has now resumed its decline approaching 37500 (Murray [0/8]), which has been repeatedly tested earlier. Consolidation of the price below it will give the prospect of further downward movement to the level of 35300 (Murray [3/8], the lower limit of the ascending channel). The key point for the “bulls” seems to be at 39900.00 (the center line of Bollinger Bands), if it is broken out, BTCUSD will strengthen to the area of 42187.5 (Murray [3/8], Fibonacci retracement of 23.6%) and 437500 (Murray [4/8]).

Technical indicators indicate the continued downtrend: Bollinger Bands and Stochastic are reversing downwards, and the MACD histogram is increasing in the negative zone.

Resistance levels: 39900, 42187.5, 43750 | Support levels: 37500, 35300

23

ETHUSD has continued its steady decline since April and hit seven-week lows around 2717 last week.

Starting from the weekend, the quotes of the digital asset are attempting an upward correction; however, a serious strengthening of the rate is possible only after the price overcomes the area of 2930 - 2968.27 (Fibonacci retracement 23.6%; Murray [3/8], the center line of Bollinger Bands). In this case, the targets will be at 3125 (Murray [4/8]), 3281.25 (Murray [5/8], Fibonacci retracement 38.2%). The key level for the “bears” is at 2812.50 (Murray [2/8]), and its repeated breakdown will allow the quotes to continue their downward movement to the area of 2656.25 (Murray [1/8]) and 2500 (Murray [0/8]).

Technical indicators don’t provide a clear signal:

Bollinger Bands are directed downwards, and the MACD histogram is growing in the negative zone, which confirms the continued downtrend; however, Stochastic is directed upwards, which does not exclude the development of corrective growth.

Resistance levels: 2968.27, 3125, 3281.25 | Support levels: 2812.5, 2656.25, 2500

24

The XRPUSD pair is trading within a wide descending channel. At the beginning of last month, the instrument reversed from its upper limit and declined to the area of 0.6000, where it is at the moment.

The market is waiting for the results of today’s meeting of the US Fed, at which the interest rate may be raised from 0.50% to 1.00%, and a decision has been made to reduce the regulator’s balance sheet. Any hint of a slowdown in the pace of monetary policy tightening due to the threat of a possible recession may be perceived positively by investors and push the quotes of the digital asset up. In these circumstances, the news concerning the trial of the U.S. Securities and Exchange Commission (SEC) against Ripple recedes into the background, however, it is worth noting the recent comments of the head of the company Brad Garlinghouse, who in an interview with Fox Business channel expressed the hope that the court will make a positive decision on the case by the end of this year. Nevertheless, most experts are inclined to believe that this will happen no earlier than the beginning of 2023, since the regulator is delaying the process in every possible way.

We also note the publication of the Ripple report for Q1 2022, according to which the growth in popularity of the On-Demand Liquidity (ODL) service based on XRP led to an increase in the volume of transactions to 15B dollars. Given the likely tightening of US monetary policy, these data are unlikely to be able to provide significant support for XRP.

Technically, the price is close to the key level for the “bears” 0.5859 (Murray [0/8]), which acts as a fairly strong support, since it has been repeatedly but unsuccessfully tested by bidders in January. If the price consolidates below it, the decline will continue to the levels of 0.5371 (Murray [-1/8]) and 0.4883 (Murray [-2/8]), otherwise the quotes will be able to resume the upward dynamics and return to the levels of 0.6836 (Murray [2/8], the middle line of the Bollinger Bands), 0.7324 (Murray [3/8], the upper boundary of the descending channel).

The downward trend persists, which is signaled by a downward reversal of the Bollinger Bands and an increase in the MACD histogram in the negative zone, but the Stochastic is directed upwards, which does not exclude a corrective growth.

Resistance levels: 0.6348, 0.6836, 0.732 | Support levels: 0.5859, 0.5371, 0.4883

25

The BTCUSD pair continues to trade within a downtrend, under pressure from the May meeting of the US Federal Reserve on monetary policy.

Last week, the price of “digital gold” attempted to rise to 40000 after the head of the US regulator, Jerome Powell, denied the possibility of accelerating the pace of raising interest rates to 75 basis percentage points, which caused investors to hope for a reduction in the risks of a recession in the national economy and returned interest in risky assets in the short term. However, the decline continued, and by now, the quotes have reached their lows of this January, around ​​33030.

The fall in the stock market, with which digital assets are actively correlated, also harms the cryptocurrency sector. Several experts believe that investors still perceive BTC and altcoins as risky assets that should be disposed of during instability.

Currently, the price of the BTCUSD pair has fallen below 34375 (Murrey [3/8]) and may continue to decline towards 31250 (Murrey [2/8]). The key “bullish” level is 38350 (the middle line of Bollinger bands), a breakdown of which may lead to the resumption of growth of the trading instrument to 40625 (Murrey [5/8]), 43750 (Murrey [6/8]), however, such an option price movement seems less likely, as technical indicators reflect the continuation of the downward trend: the Bollinger and Stochastic bands are directed downwards, the MACD histogram is increasing in the negative zone.

Resistance levels: 37500, 38350, 40625, 43750 | Support levels: 31250, 28125

26

The ETHUSD pair has been declining since the beginning of last month, and this week has reached 2200 near the January lows.

Currently, the quotes of the digital asset are testing the support zone 2343.75–2300 (Murrey [–1/8], the lower limit of the long-term rising channel), below which they have repeatedly tried to break through earlier. If successful, the decline could continue to 1875 (Murrey [3/8] for W1). Downward reversal of Bollinger Bands and an increase in the MACD histogram in the negative zone signal a continuation of the downtrend. However, Stochastic reversal upwards in the oversold zone does not exclude corrective growth to 2656.25 (Murrey [1/8]) and 2812.5 (Murrey [2/8], average Bollinger bands line) but is unlikely to lead to a reversal of the current trend.

Resistance levels: 2500, 2656.25, 2812.5 | Support levels: 2343.75, 2187.5, 1875

27

Sell: 0.414 | TP: 0.3556 | SL: 0.4516

28

The ETHUSD pair continues to decline within the framework of a long-term downtrend and last week fell to the lowest values since March last year around 1700.

The decline affected the entire cryptocurrency sector and was a consequence of the collapse of the UST stablecoin and the LUNA token. Currently, the quotes are trying to recoup some of the losses, but for serious corrective growth they need to break out the 2187.5 mark (Murray [3/8]). In this case, the price will be able to rise to the level of 2500 (Murray [4/8], the middle line of the Bollinger Bands, Fibo retracement of 50.0%). The key for the “bulls” is the level of 1875.00 (Murray [2/8]). Consolidation of the price below it will give the prospect of further decline to 1562.50 (Murray [1/8]) and 1250 (Murray [0/8]). The downtrend continues, which is confirmed by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone. The Stochastic is directed upwards, which creates the probability of attempts at corrective growth, but is unlikely to lead to a reversal of the current trend.

Resistance levels: 2187.5, 2500, 2812.5 | Support levels: 1875, 1562.5, 1250

29

XRPUSD, technical analysis

The XRPUSD pair continues to trade within a wide descending channel. Last week, against the background of the collapse of the UST stablecoin and the LUNA token, the price reached the lowest values since January 2021 in the area of 0.329.

Currently, some of the losses have been recouped, but the potential for an upward correction is seen as limited by the resistance zone 0.5155-0.4883 (the middle line of the Bollinger Bands, Murray [5/8]). In case of its breakout, a further increase in quotations will be possible to the levels of 0.5859 (Murray [6/8]) and 0.6836 (Murray [7/8]), however, this option of price movement seems less likely, since the general downward trend persists, which is confirmed by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone. The key area for the “bears” remains 0.3906-0.3670 (Murray [4/8], Fibo retracement of 0.0%). Consolidation of the price below it will give the prospect of further decline to the levels of 0.2930 (Murray [3/8]) and 0.1953 (Murray [2/8], the lower boundary of the descending channel).

Resistance levels: 0.5155, 0.6835, 0.7812 | Support levels: 0.3670, 0.2930, 0.1953

30

Last week, the price reached the year’s lows around 0.3825, then recovered part of the position, but now it is falling again. The cryptocurrency sector is under pressure from two main factors: the tightening of monetary policy in the United States and the fall of the UST and LUNA currencies. Yesterday, the head of the US Federal Reserve, Jerome Powell, confirmed officials’ determination to raise rates until inflation reaches the target of 2.0%. It means that the strengthening of the US dollar against alternative assets will continue. The collapse of the algorithmic stablecoin UST and its associated LUNA token has also eroded investor confidence in digital currencies, causing sell-offs across the sector. To remedy the situation, the developers of the Terra blockchain proposed to fork, create a new blockchain and additionally distribute 1B tokens among interested participants but experts believe that these plans are doomed to failure.

As for the ADA token itself, its position can be supported by the Vasil hard fork scheduled for June. According to Cardano founder Charles Hoskinson, the fork should lead to a significant increase in network performance due to the launch of the data pipeline function. It will optimize the network for the needs of the growing volume of applications in the DeFi market.

The price is testing the level of 0.4882 (Murrey [1/8]), which breakdown allows a decline to 0.3906 (Murrey [0/8]), 0.2929 (Murrey [–1/8]). The consolidation above the middle line of Bollinger bands and 0.6835 (Murrey [3/8]) allows growth to 0.7812 (Murrey [4/8]) and 0.8789 (Murrey [5/8]). This movement variant seems less likely since the indicators point to the continuation of the downward trend: the Bollinger bands and Stochastic are directed downwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 0.6835, 0.7812, 0.8789 | Support levels: 0.4882, 0.3906, 0.2929.

31

The BTCUSD pair is moving in a long-term downtrend, but last week it stabilized within 31000–28700. The first investor reaction to the rapid decline of the UST stablecoin and the LUNA coin has passed. Therefore, monetary factors have again begun to have the most important influence on the market, which are currently balancing each other, preventing the price from moving to a new serious movement.

On the one hand, the expected “hawkish” position on the issue of tightening the monetary policy of the US Federal Reserve puts pressure on the stock market, and after it, on the cryptocurrency sector since they are seriously correlated. On the other hand, a sharp increase in rates increases the risks of a recession in the US economy, as the head of the regulator, Jerome Powell, has already warned about. In this regard, traders may once again turn to cryptocurrencies as an alternative for capital preservation. However, most experts expect that the pressure on the cryptocurrency market may continue in the future, and Galaxy Digital CEO Mike Novogratz even allowed it to fall by 70%.

The zone 30000–31500 seems to be the key for the “bulls,” supported by the middle line of Bollinger bands. If it is broken, the upward dynamics may continue to 34375 (Murrey [3/8]) and 37500 (Murrey [4/8]). The key “bearish” level is 28125 (Murrey [1/8]), consolidation below which will ensure further decline to 25000 (Murrey [0/8]) and 21875 (Murrey [–1/8]).

Technical indicators do not give a single signal: the downward reversal of Bollinger bands indicates the continuation of the downward trend but the upward reversal of Stochastic and the reduction of the MACD histogram in the negative zone does not exclude a limited price growth.

Resistance levels: 31500, 34375, 37500 | Support levels: 28125, 25000, 21875

32

The ETHUSD pair is consolidating around 2000 for the second week in a row, being in a state of uncertainty under the influence of a number of opposite factors. The general pressure on the cryptocurrency sector has traditionally been exerted by the tightening of monetary policy in the USA: a sharp increase in rates strengthens the position of the US currency in relation to alternative assets.

On the other hand, a serious drop in asset quotes is hindered by the imminent transition of the Ethereum network to Proof-of-Stake (PoS), the preparation for which is nearing completion. The main Ropsten test network will be switched to the new algorithm on June 8, after which, in the absence of failures, the developers will announce the date of transition to PoS and the main Ethereum network. The approximate launch date, according to leading specialist Preston Van Loon, is considered to be August of this year. This information was also confirmed by the founder of Ethereum Vitalik Buterin. During the ETH Shanghai summit, he said that the network’s transition to PoS could take place at the end of summer, but did not rule out a postponement to September-October in case of technical problems. It is assumed that after the transition of Ethereum to a new confirmation algorithm, the production of ETH, and after it, the supply of the token on the market will sharply decrease, which should lead to positive dynamics of the cryptocurrency. The most optimistic experts predict a price increase after switching to PoS to 5К dollars for one ETH coin.

The price of the ETHUSD pair continues to consolidate around 2000 (Fibonacci retracement of 61.8%). To start a serious growth, the quotes will have to consolidate above the middle line of the Bollinger Bands in the area of 2188. In this case, the growth will continue to the levels of 2500 (Murray [4/8], Fibonacci retracement of 50.0%) and 2812.5 (Murray [5/8]). If the level of 18750 (Murray [2/8]) breaks down, the quotes will fall to the level of 1562.5 (Murray [1/8], the lower line of the descending channel).

Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, which indicates the continuation of the downward trend, but the Stochastic is reversing upwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 2188, 2500, 2812.5 | Support levels: 1875, 1562.5

33

ADAUSD is trading within a downtrend; however, the price has been consolidating for the last two weeks in anticipation of new movement drivers. The cryptocurrency market is in a state of balance, as the consequences of further tightening of monetary policy in the United States are balanced by the possibility of a recession in the American economy, in which assets alternative to the dollar will again have a chance to ascend.

Currently, the token is testing the level of 0.4882 (Murray [1/8]), consolidation below which will give the prospect of further decline to the area of 0.3906 (Murray [0/8]), 0.2929 (Murray [-1/8]). If the center line of Bollinger Bands and the level of 0.5859 (Murray [2/8]) is broken out, the growth of quotations may resume to the levels of 0.6835 (Murray [3/8]), 0.7812 (Murray [4/8]). However, a further decline in the trading instrument seems to be preferable for now, since technical indicators confirm the continuation of the downtrend: Bollinger Bands and Stochastic are reversing downwards, and MACD histogram is stable in the negative zone.

Resistance levels: 0.5859, 0.6835, 0.7812 | Support levels: 0.4882, 0.3670, 0.2929, 0.1953

34

In early May, the bidders tested the key support in the area of 28800, the breakdown or retention of which will have a significant impact on the further dynamics of the BTCUSD pair.

The collapse of the Terra ecosystem, one of the most ambitious developments in the field of decentralized finance (DeFi), led to a decrease in the total value of the cryptocurrency sector by more than 83B dollars, as investors rushed to more secure safe haven assets. BTC reacted with a decline to the global support of 28800 and temporarily stopped near this area.

Holding this level by the “bulls” will allow the asset to regain an uptrend with a target in perspective for several years in the area of the historical maximum of 68300. Additional support for the crypto market can be provided by investor sentiment, which will switch from the USD to riskier assets. This will require global stabilization – the equalization of global inflation and the end of the military conflict in Ukraine, or at least the transition to the stage of de-escalation. Otherwise, with the breakdown of the 28800 level and the price consolidation below it, the rapid decline of “digital gold” will continue with a target at around 19200.

The mid-term trend formally remains downward, but a sideways movement is now forming on the chart with resistance in the area of 30650 and support at the level of 28580.00. A breakout of the resistance level will open up prospects for an upward movement up to the 34050 mark. A breakdown of the support level will lead to an update of the May low of 26800.

Resistance levels: 30650, 34050, 37340 | Support levels: 28580, 26800

35

The ETHUSD pair started the week with growth and rose to the middle line of the Bollinger Bands in the area of 1960, where it is now.

ETH positions are still supported by the expectation of the imminent transition of Ethereum to the Proof-of-Stake (PoS) algorithm. Earlier, the lead developer Tim Beiko announced the beginning of the preparation of the main Ropsten test network for the transition to PoS, which should be completed on June 8. It will allow to analyze the process of merging the Ethereum and Ethereum 2.0 networks, identify technical problems, and assess how the upgrade will affect existing applications and customers. If successful, a date can be set for the transition to PoS and the main Ethereum network. Investors are looking forward to this moment, gradually reducing the number of free ETH on the market. Since the beginning of this month, the coin supply balance has corrected from 20.45M to 20.36M. On Monday, there was a threat of a market correction amid reports that the Singapore crypto-hedge fund Three Arrow Capital additionally brought 32K ETH to the market for a total of 60M dollars, as usually happens before the sale of an asset, but the overall fundamental picture continues to be positive for the coin.

The price is testing the middle line of the Bollinger Bands in the area of 1960 and, if consolidated above it, the growth will be able to continue to the levels of 2187.5 (Murray [3/8], Fibo retracement of 23.6%), 2500 (Murray [4/8]). The key for the “bears” is the 1750 mark (near the May lows), the breakdown of which will allow the quotes to continue moving to the levels of 1562.5 (Murray [1/8], the lower limit of the descending channel), 1250 (Murray [0/8]).

Resistance levels: 1960, 2187.50, 2500 | Support levels: 1750, 1562.50, 1250

36

The XRPUSD pair continues to trade within a wide descending channel, but this week it attempted an upward trend, as did most of the cryptocurrency market.

Currently, the token price is consolidated above the middle line of the Bollinger Bands (0.4070), but to start a more serious growth, it will have to overcome the 0.4395 mark (Murray [1/8], upper line of the Bollinger Bands). In this case, the targets will be the levels 0.4883 (Murray [2/8]), 0.5371 (Murray [3/8]) and 0.6 (Murray [4/8], Fibo retracement of 23.6%). The key support zone for the “bears” is still 0.3900-0.3650, the breakdown of which will allow the quotes to continue moving to the area of 0.2930 (Murray [-2/8]) and 0.1953 (Murray [2/8], the lower boundary of the descending channel).

In general, a serious movement of quotations is possible in the near future, as indicated by the consolidation of the Bollinger Bands and the price at around 0.4100, but its direction has not yet been determined. The MACD histogram is shrinking in the negative zone, and the Stochastic is directed upwards, but it approaches the overbought zone, which does not exclude a reversal to a downward movement.

Resistance levels: 0.4395, 0.4883, 0.5371, 0.6 | Support levels: 0.3650, 0.2930, 0.1953

37

This week, the ADAUSD pair was trading within the general market trend: first, the price rose to 0.6835 (Murrey [3/8]), which allowed the token to overtake XRP in terms of capitalization and take sixth place in this indicator but then the instrument corrected downwards, having lost part of the won positions, and is now in the 0.5600 area.

Investors are looking forward to activating the Cardano network hardcore called Vasil, which should take place this month. According to network founder Charles Hoskinson, the upgrade will lead to a significant increase in scalability and expand the use of smart contracts, which will allow developers of the growing DeFi application market to get many useful options. The community expects the Vasil hard fork to be a price boost, just like previous key network upgrades. However, experts note that the current fork, unlike the previous ones, will take place against the backdrop of a downtrend, when the cryptocurrency market is under serious pressure due to the tightening of monetary policy in the United States. Under these conditions, the ADA coin price may stabilize but not grow.

The key “bullish” level is 0.5859 (Murrey [2/8]), consolidation above which will allow the trading instrument to continue moving to 0.6835 (Murrey [3/8]) and 0.7812 (Murrey [4/8]). If the middle line of Bollinger bands and 0.4882 (Murrey [1/8]) is broken down, the price may return to the area of ​​0.3906 (Murrey [0/8]) and 0.2929 (Murrey [–1/8]).

Technical indicators do not give a single signal: Bollinger bands are consolidating, as happens before a serious price movement, the MACD histogram decreases in the negative zone but Stochastic reverses downwards.

Resistance levels: 0.5859, 0.6835, 0.7812 | Support levels: 0.4882, 0.3906, 0.2929.

38

$28800 prevents the asset from further decline

Over the past four weeks, sellers in the BTCUSD pair have been testing the key support level of 28800 but have not been able to consolidate below it. The “bearish” activity is probably gradually declining, and soon “digital gold” may start an upward movement with the first target around 34500.

The pressure on the cryptocurrency is exerted by the policy of the US Federal Reserve, aimed at raising interest rates and tightening monetary conditions. At the meeting on June 15, the “hawkish” policy of the financial authorities will continue, and the market expects the index to be corrected by at least another 50 basis points. The attention of investors towards the US currency switched towards the end of last year when bitcoin set an all-time high around 68200. However, the cryptocurrency continues to be popular with traders, especially against the backdrop of global instability, as it can serve as a hedge against inflation, which is accelerating in all developed countries.

From the standpoint of technical analysis, around 28800, the direction of the asset’s dynamics is determined. If the level can be kept, the growth will continue with the targets at 34500 and 48050. Otherwise, the global trend will reverse to a downtrend with the target at 19200.

The medium-term trend is slowly turning upwards. Last week, the traders managed to break through the resistance level of 30650.00, and now the growth target is 32350. If it is overcome, the quotes will rush to the area of 34050. The key trend support is shifting to 28500.

Resistance levels: 30650, 34050, 37340 | Support levels: 28500, 26800

39

High probability of continued global decline

ETHUSD continues to decline as part of the global general market trend, consolidating around 1755.

Analysts at CoinShares reported the ninth consecutive week of outflow of investor funds from Ethereum, this time amounting to 32M dollars, which indicates a clear “bearish” mood in the market. Even the announced test of The Merge update in the Ethereum Ropsten network, which is designed to improve security and increase throughput by switching to the Proof-of-Stake algorithm, has almost no positive effect on the instrument quotes. In the absence of technical errors during the test, the update will be available to users by August 2022. However, supporters of The Merge are confident that it could put deflationary pressure on ETHUSD positions as the standard token burn reduces its overall supply in the market, pushing the price higher.

Another negative signal for the cryptocurrency can be the recent offer by the developer Lido Finance to its management platform Lido DAO to diversify half of its portfolio by selling 10K ETH worth 17M dollars if the market continues to fall. Since the downside prospects are extremely high, the probability of selling, which will only accelerate the fall, is also very high.

As a result, the positions of the main competitor of “digital gold” continue to actively weaken, and a trend change is unlikely in the near future.

On the global chart of the asset, a downtrend continues to form, having consolidated the day before below the support line at around 1866, which coincides with the level of the initial trend of 61.8% of the Fibonacci extension. Holding the price below this level significantly increases the likelihood of a continuation of the global decline. Technical indicators maintain a steady sell signal: the fluctuation range of the Alligator indicator EMAs is expanding towards decline, and the histogram of the AO oscillator is held below the transition level.

Resistance levels: 1890, 2320 | Support levels: 1660, 850

40

XRPUSD, H4
On the four-hour chart, there is a narrowing of the price in the side channel of 0.3572 – 0.4345, which indicates an imminent impulsive movement of quotes. The formation of a “bullish” candlestick analysis pattern Inverted Hammer above 0.3755 signals that the asset has reached a local low, while the Bullish Belt-Hold pattern emphasizes buyers’ confidence. Most likely, the quotes of the token will head towards 0.4345, consolidation above, which will allow the XRPUSD pair to rise to the zone of 0.4751 – 0.5373. An alternative scenario will be relevant if the buyers fail to hold the key support level of 0.3572.

XRPUSD, D1
On the daily chart, there is a formation of a Symmetrical Triangle price pattern, after which the price can go either upwards or downwards. Considering that the instrument is currently trading at the bottom at a strong support level, then most likely, the movement will be upwards, which is confirmed by the formation of a series of “bullish” Hammer patterns. In the current situation, the most likely scenario is the growth of the asset to the area of ​​0.4345 – 0.5373.

Resistance levels: 0.4345, 0.4751, 0.5373 | Support levels: 0.3572, 0.3043, 0.2614