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FxWirePro: XRP/USD consolidates in narrow range, good to buy on dips

  • Major resistance – 1.2700 (23.6% fibo).
     
  • Ripple has broken major resistance 1.07800 high made on Feb 12th after a three days of consolidation The pair hits high of 1.15600 and is consolidating in narrow range. It is currently trading around 1.1002.
     
  • The pair is trading higher and closed above 100- day MA for the past three trading days. This shows slight bullishness, a jump till 1.5000 (50- day MA) is possible. Any close above 1.5000 will take the pair to next level till 1.7400 (Jan 18th 2018 high)/2. Short term bullishness only above 2.25 level.
     
  • The near term support is around 0.9400 and any break below will drag the pair down till 0.87000/0.8000.Any violation below 0.8000 targets 0.6700/0.6100. Major support at 0.490 (233-day MA) is last hopes for bulls. Any violation below will drag the pair till 0.25/0.15 level. The near term support is around 0.87/0.61.

It is good to buy on dips around 1.0450-50 with SL around 1 for the TP of 1.500/1.7400.  

 

 

 

 

 

 

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