XRP/USD: technical analysis

The XRP/USD pair has corrected to 0.4400, where it has been consolidating for the second week and cannot yet resume growth, despite the general market trend. The strengthening of XRP position continues to be constrained by the SEC lawsuit and new token sales by former Ripple Labs CTO Jed McCaleb, who continues to actively dump his holdings.

In general, the potential of the downward movement does not seem to be exhausted yet. However, to continue the decline, the quotes need to consolidate below 0.3906 (Murrey [4/8]). In this case, its targets will be the levels of 0.2929 (Murrey [3/8]) and 0.2400. The key level for the "bulls" seems to be 0.5050 (center line of Bollinger Bands). Its breakout will ensure the resumption of price growth to the levels of 0.5860 (Murrey [6/8]) and 0.6420 (upper line of Bollinger Bands, February highs).

Technical indicators don't give clear signals, illustrating the uncertainty of the market. Bollinger Bands are horizontal. MACD histogram is about to move to the positive zone and to form a sell signal. Stochastic is directed upwards.