FxWirePro- XRPUSD Daily Outlook

Ripple continues to trade weak with intraday bias remaining neutral. It hit a low of $0.5535 and is currently trading around $0.56481

According to santiment data, Ripple traders booked profits of $8.36 million on yesterday. The number of XRP active addresses rose by 30% between Aug 25 and Aug 29.

Horizontal trend line- $0.750

Downtrend channel resistance- $0.680

Any daily close above $0.68 confirms further bullishness.

The pair holds below the short-term (34 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $0.6002, any indicative breach above will take the pair to 0.6320/$0.650/$0.68/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.55, and any violation below targets $0.50/$0.45/$0.40.

Indicators ( 4- hour chart)

Directional movement index -Bearish

CCI (50)- Bearish

CCI(14)- Bearish

It is good to buy on dips around $0.55 with SL around $0.40 for TP of $1.

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