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08.05.202110:40 Forex Analysis & Reviews: Short-term trading plan for XRP/USD

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

XRP/USD is forming a triangle pattern in the short-term and traders could take advantage of the break out if and when it happens in order to ride the short-term momentum. Price is now just below $1.60 and if price breaks the triangle to the upside, we could see a sharp move higher.

Exchange Rates 08.05.2021 analysis

Red lines -triangle pattern

The upper triangle boundary is at $1.64 and the lower triangle boundary is at $1.51. If price breaks above $1.64 we will have a bullish signal. If price breaks below $1.51 we will have a bearish signal. Major short-term support is at recent low at $1.31. If the triangle is broken downwards, the support at $1.31 will be challenged.

Exchange Rates 08.05.2021 analysis

Blue lines - expected size of upward movement if triangle is broken upwards

XRP/USD if it breaks above $1.64 our upside target will be at $1.88. The area around $1.88 is also important horizontal resistance. Breaking above this resistance will increase chances of a move above $2 towards $2.30.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

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