Ripple (XRP/USD) fell sharply to the level 3/8 Murray at 0.6836. From that level it is bouncing above the 21 SMA and above the psychological level of 0.70.
However, the downtrend was interrupted due to the presence of a support area at 0.6676. As long as the ripple remains trading above 0.70, a bounce off this area is likely to give Ripple a brief opportunity to go higher and reach the 200 EMA at 0.7690.
A daily close above 4/8 Murray located at 0.78 is likely for the bulls to push Ripple to the psychological level $1.
However, if the upside strength of this technical bounce fails to sustain above 0.80 it is likely to retrace and could fall to the psychological level of $0.50 in the medium term.
Our trading plan for the next few hours is to buy above the 21 SMA located at 0.7027. Or if there is a technical bounce around 0.6836, with targets at 0.7690 and 0.7812.
The eagle indicator is giving a positive signal and it is likely that in the next few days we will expect a recovery in Ripple.
Support and Resistance Levels for February 23 - 24, 2022
Resistance (3) 0.8024
Resistance (2) 0,7673
Resistance (1) 0.7296
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Support (1) 0.7017
Support (2) 0.6836
Support (3) 0.6712
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Scenario
Timeframe H1
Recommendation: buy above
Entry Point 0.7027
Take Profit 0.7690; 0.7812
Stop Loss 0.6920
Murray Levels 0.7812 (4/8), 0.6836(3/8)
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