XRPUSD could test $1.60-$1.70 this week.

XRPUSD is in a bullish trend. Price is making higher highs and higher lows. Price so far has respected key support trend lines and has formed a bullish cup pattern that will be activated if price breaks above $1.35.

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Black line - support trend line

Red line -cup pattern

Blue line -resistance

XRPUSD if it breaks above the blue resistance line, we should then expect an advance equal to the height of the cup pattern. This could bring price towards $1.60-$1.70 area. The form of the rise from $0.50 looks impulsive and not corrective as it did during the decline from $1.97. This increases the chances that this new upward move will eventually break above $2 and most probably test its all time highs. XRPUSD has support at $1.10. Any pull back towards that level will be considered a buying opportunity. However if price breaks below the black trend line we should expect a deeper pull back towards $0.80 at least.

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

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