XRP / USD is trading within an uptrend channel on 4-hour charts, above the 21 SMA and above the 3/8 Murray, showing a bullish bias, with targets in the zone of resistance of 0.7812.
Since falling to the low of 0.51 on June 22, XRP has recovered more than 30%. Now it has settled above the moving average, adding a bullish outlook in the medium term.
We could expect a retracement towards the 0.6539 area. There is the SMA of 21 and the bottom of the bullish channel. If a technical bounce occurs at this level, the next bullish wave could push it towards the level of the 200 EMA located at 0.80, with an increase in a profit percentage of 35%.
If XRP consolidates below 0.65, the next 3/8 murray support could be a good point to buy. However, this would mean that the market could face a new bearish wave. A bearish cycle could occur again in the zone of 0.51 that coincides with June 22 low.
Our recommendation is to buy above 0.65. The eagle indicator is in the overbought zone. We expect a correction before the price resumes the uptrend.
Support and Resistance Levels for June 30, 2021
Resistance (3) 0.8023
Resistance (2) 0.7847
Resistance (1) 0.7449
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Support (1) 0.6508
Support (2) 0.5965
Support (3) 0.5567
