XRPUSD bulls try to break resistance

XRPUSD is trading around $1.20. Price is challenging important short-term resistance levels. Over the next 24hours if price does not break above the $1.20-$1.25 area, we should expect one more decline towards $1 or even lower.

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Red rectangle - support

Black line- trend line support

Green line- resistance

Blue lines - Fibonacci retracements

XRPUSD is still in a consolidation phase and a sideways movement after the rise from $0.50 to $1,34. Support remains key at $1.05-$1. Breaking below this level will open the way for a move towards $0.81. For now the chances of this happening are few. The primary scenario is bullish as long as price is above $1.09. Recapturing $1.20-$1.25 will be key for the trend for the coming weeks. If this resistance is broken, we should expect price to break above $1.35 and most probably reach the 2021 highs of $1.97.

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

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