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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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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.

analytics612f8ba6547bc.jpg

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