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Technical analysis on XRPUSD for July 21, 2021.

XRPUSD and the majority of cryptocurrencies are in positive territory on Wednesday showing impressive bounces. However technically nothing has changed in XRPUSD as price remains inside a downward sloping channel.

analytics60f8352f82f9d.jpg

Red lines - bearish channel

XRPUSD is trading inside a bearish channel since the end of June. Price is making lower lows and lower highs. Short-term resistance is found at $0.60. As we mentioned in previous posts, as long as there is no trend change confirmation, price of XRPUSD is vulnerable to a move towards $0.50-0.40. So far we have seen a low of $0.51. As long as price is below $0.75 we remain vulnerable to more downside towards $0.40.

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