11.04.202215:37 Forex Analysis & Reviews: XRPUSD follows path towards major support.

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One week ago we warned traders of XRPUSD when price was at $0.82 that it was highly probable for price to move lower towards $0.50. Price was unable to break above the major resistance trend line. Trading near the major triangle resistance gave the opportunity to bears to open new short positions.

Red line - resistance

Green line - major support

Purple lines -expected path

XRPUSD is testing the $0.70 price level. Price is pulling back after getting rejected one more time a the downward sloping resistance trend line. Only a break above the red resistance trend line would provide a major reversal signal. Bulls will now need to defend the $0.50 level in order to produce another bounce higher. Short-term trend is bearish. Medium-term trend is neutral as price continues to trade inside the triangle boundaries.

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