XRPUSD got rejected at key Fibonacci resistance level of $1.20 and has pulled back towards $1.05. Price is still trading inside a bullish channel and as long as price holds above the key $1-$0.98 support, bulls will have the upper hand.
Black lines -Fibonacci retracement
XRPUSD has resistance at $1.20-$1.23. Breaking above it will push price fast towards the 78.6% retracement around $1.29. It is important for bulls to stay inside the bullish channel and at the same time continue making higher highs and higher lows. The big question is whether XRPUSD has already made a major bottom and it is at its early stages of an upward movement, or there is still more downside to be seen and bulls are unable to break above $1.30-$1.40. The $1-$0.98 level is the key to this question. As long as we hold above it, XRPUSD could continue higher and even make new 2021 highs.
The material has been provided by InstaForex Company - www.instaforex.com