FxWirePro- DXY Daily Outlook

Ripple is consolidated in a narrow range between $0.6430 and $0.5455 in the past 18 days amid an SEC appeal.It hit a high of $0.6310 on Sat and is currently trading around $0.59803.

Market eyes SEC’s closed meeting with XRP on Aug 29th, 2024 to discuss regarding appeal.

Horizontal trend line- $0.750

Downtrend channel resistance- $0.680

Any daily close above $0.830 confirms further bullishness.

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

The near-term resistance is around $0.6500, any indicative breach above will take the pair to $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 - Neutral

CCI (50)- Bullish

CCI(14)- Bearish

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