XRP challenges short-term resistance that if broken can push price towards $1.28

XRP is near its short-term highs challenging the recent high of $1.05. If price manages to break and stay above $1.05, then price could continue higher towards our first target of $1.28. Price has most probably made an important short-term low at least and has completed the decline from $1.97. Now it is time to reverse trend at least for the short-term.

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Red rectangle- resistance

Blue lines -Fibonacci retracements

XRP has so far retraced only 38% of the recent upward move and is now about to break above the resistance area around $1.05. Breaking above this level is key for the short-term trend. Most probable target is at $1.28 and if trend remains bullish, price could even reach $1.50. Support is at $0.99 and next at $0.90. If support fails to hold we could see a pull back towards $0.79. If price manages to break $1.05-$1.10 and stay above $1, I believe the chances for a pull back towards $0.80-$0.90 in the short-term, decline dramatically.

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

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