XRP/USD did not differentiate much from the rest of the crypto market yesterday. Heavy selling pressures pushed price as low as $0.83 making new lows. Buyers stepped in and price is now back above $1.15. Price still holds the major break out area of $0.65-$0.75 which is now major support. Traders were warned what would follow if price were to get rejected at $1.60-$1.70 resistance area.
Red line- resistance
Red rectangle - major horizontal resistance
In our previous analysis traders were warned not only in case of rejection at $1.60 but also what we could see if price broke below support of $1.20. Have we seen a capitulation low? Or should we see one more test of the green major support area? One thing is for certain. In order for bulls to regain control of the trend and in order to see new 2021 highs, bulls will need to break above the red rectangle resistance at $1.60-$1.70. This resistance is now as important as the resistance back in $0.65-$0.75. Breaking above this level will be a big win for bulls. Breaking above it will surely push price above $2-$2.30.
The material has been provided by InstaForex Company - www.instaforex.com