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XRPUSD vulnerable to more downside if price breaks below $1.

XRPUSD is trading around $1.08. Price briefly broke out and above the key resistance trend lines at $1.13 and $1.24, but we are now again below them. Price is now challenging important Fibonacci support and channel levels.

analytics619657cf00468.jpg

Red lines - bullish channel

Blue rectangle -major support

Black lines -Fibonacci retracement

XRPUSD is challenging the 61.8% Fibonacci retracement and the lower channel support at $1.03-$1.05. Breaking below this support area will put pressure on price and most probably will bring it closer to the major support area (blue rectangle). As long as price is above the blue rectangle area, bulls have hopes of another bull run coming. So far price is making higher highs and higher lows. Ideally price will not break below $1.03.

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