XRP/USD Remains Under Bearish Pressure Despite Short-Term Recovery Attempt

The pair has continued to decline steadily for the second consecutive month, forming a new downward trend. Last week, quotations attempted an upward correction following the release of weak US employment data for June. The price reached the 1.1718 level (Murray level [4/8], the upper Bollinger Band), where it is currently trading. Consolidation above this level would open the prospect of further growth toward 1.2695 (Murray level [5/8]) and 1.3671 (Murray level [6/8]). The key level for bears appears to be 1.0742 (Murray level [3/8]) below the middle Bollinger Band. A downside breakout below this level would lead to a resumption of the pair’s decline toward 0.9765 (Murray level [2/8]) and 0.7812 (Murray level [0/8]). Technical indicators generally allow for further downside movement. The Bollinger Bands are turning downward. The MACD histogram is declining but remains in negative territory. The Stochastic oscillator is also turning lower from the overbought zone. It should also be noted that on the weekly chart, the Bollinger Bands continue to point downward, confirming the persistence of the long-term bearish trend and making further downside movement more likely.