As seen in the 1-hour chart, XRP/USD is located between levels of strong resistance/ There is the line of +1/8 Murray and +2/8 Murray. This area represents an extreme purchase with a probability of an imminent correction in the next few hours.
The strong bullish rally of XRP on July 20 from the low of 0.5097 took it towards May 2021 levels obtaining a gain of 130%. Now it is trading at 1.2398 with a possibility of a downward correction.
In the 1-hour chart, we can see the formation of a symmetrical triangle technical pattern. A break below it will be a bearish signal, which could fall to the support zone of 1.1719 which is 8/8 of Murray. At this level, XRP is likely to make a technical rebound.
If the downward pressure prevails, consolidation below 1.1719 could push the price to the support of 0.9766. At this level, the market can demonstrate a very strong technical rebound and be the start of a new bullish wave.
As long as Ripple remains above 0.97, there is a possibility of a further rise in the short term. On the contrary, upon a break and consolidation below the psychological level of 1.00, a prolonged downward movement to levels of 0.50 could occur in the medium term.
The reading of the Eagle indicator is showing a bearish signal. It is likely that in the next few hours a break of the symmetrical triangle may cause a fall to the support level of 0.9766.
Support and Resistance Levels for August 16 - 17, 2021
Resistance (3) 1.5097
Resistance (2) 1.4257
Resistance (1) 1.3608
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Support (1) 1.1385
Support (2) 1.0736
Support (3) 0.9287
