FxWirePro- XRPUSD Daily Outlook

Ripple

Main features of Ripple

Current TPS- 1500

Block time-< 3.5 seconds

Cost per transaction-$0.0004

XRPUSD prices surged sharply more than 60% this month in hopes of a settlement between SEC and XRP.It hit a high of $0.63745 and is currently trading around $$.6220. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

Markets await XRP and SEC closed meeting on Jul 25th, 2024 for further direction. According to Ripple CEO Brad said that “The ruling has been clear from the judge. There is one final piece about these investment contracts sold to institutions. We expect a resolution very soon, but we can’t predict exactly when the judge will rule there.”

The near-term resistance is around $0.75, any indicative breach above will take the pair to $1/$1.50. On the lower side, immediate support is $0.55, and any violation below targets $0.43/$0.28.

Indicators ( Daily chart)

Directional movement index - Bullish

It is good to buy on dips around $0.50 with SL around $0.28 for TP of $1.45.