XRPUSD Daily Outlook

Ichimoku analysis (4- hour chart)

Tenken-Sen- $0.5957

Kijun-Sen- $0.60754

Horizontal trend line- $0.750

Major support - $0.50

XRPUSD declined sharply after a minor pull-back.

Any daily close above $0.6850 confirms further bullishness.

XRPUSD prices lost more than 15% due to uncertainty in the XRP SEC lawsuit. It hit a high of $0.5570 at the time of writing and is currently trading around $0.5720.

The Securities Exchange and Commission (SEC) scheduled on Jul 31st was unexpectedly canceled. It has dragged prices from a multi-month high.

The pair holds above the short-term (21 and 55-day EMA) and 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 $0.680/$0.75/0.820/0.900/$1. On the lower side, immediate support is $0.5300, and any violation below targets $0.40/$0.280.

Indicators ( 4- hour chart)

Directional movement index - Bullish

It is good to buy on dips around $0.60 with SL around $0.50 for TP of $0.83/$1.