FxWirePro- XRPUSD Daily Outlook

XRPUSD trades slightly higher ahead of the stable coin launch. It hit a high of $0.54300 and is currently trading around $0.53312.

“It will probably only ever be available directly to institutions,” Ripple’s CTO wrote on Twitter.

“A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is opportunity for stablecoins globally, and certainly in Japan, “ Garlinghouse stated.

Horizontal trend line- $0.680

Any daily close below $0.50 confirms further bearishness.

The pair holds below the short-term (34 and below 55- EMA and long-term moving average (200-day EMA) in the 4-hour.

The near-term resistance is around $0.5595, any indicative breach above will take the pair to 0.5800/0.6170/0.6320/$0.650/$0.68/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.500, and any violation below targets $0.50/$0.45/$0.40.

Indicators ( 4- hour chart)

Directional movement index  -Neutral

CCI (50)- Bearish

CCI(14)- Bearish

It is good to buy on dips around $0.5350 with SL around $0.40 for TP of $1.