FxWirePro- XRPUSD Daily outlook

Ripple recovered sharply after a major development in the Ripple vs. SEC case.It hit a high of $0.65806 and is currently trading around $0.58986.

SEC fined a $125 million fine for violating securities law. The fine amount is 94% less than the SEC's demand for $2 billion. 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 below the short-term (34 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $0.6000, 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.