XRP/USD below major pivot level.

XRP/USD is trading below $0.75-$0.80 resistance area. In April price made an impressive break out above major long-term resistance but now price back below this resistance level. Price has retraced around 78.6% of the entire upward move.


Green rectangle - resistance

Blue lines - Fibonacci retracement

XRP/USD remains in a bearish trend making lower lows and lower highs. Price made a low so far around $0.50 but in order to consider this as an important low, bulls will need to recapture the $0.75-$0.80 resistance area. Deep retracements are common in cryptocurrency pull backs. So in this case making such a deep pull back should not come as a surprise. However in order for bulls to regain control of the trend, price must move above the green resistance area and stay above it. Until then price will remain vulnerable to another move lower towards $0.30-$0.40.

The material has been provided by InstaForex Company - www.instaforex.com