XRP / Dollar may rise to 0.5507 - 0.5566

Our pivot point stands at 0.5304.

Our preference

The upside prevails as long as 0.5304 is support.

Alternative scenario

The downside breakout of 0.5304 would call for 0.5206 and 0.5148.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.5303 and 0.5318). Finally, the XRP / Dollar has crossed above its upper Bollinger band (0.5369).

Supports and resistances

0.5683 **

0.5624 *

0.5566 **

0.5507

0.5386 last

0.5342

0.5304 **

0.5206 *

0.5148 **

Number of asterisks represents the strength of support and resistance levels.