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Red line- major resistance trend line
Blue lines- trading range
XRPUSD today got rejected at the upper trading range boundary. Price is in a sideways trading range for several months since June and has made no real progress. Last couple of trading sessions price moved higher towards $0.40 resistance but today its under pressure. XRPUSD getting rejected at $0.40 is a bearish sign. This implies that price is vulnerable to falling towards the lower range boundary close to $0.30-$0.28. Price remains below the key downward sloping trend line resistance. As we explained in previous posts, major bottoms are not formed with sideways movements. This sideways movement is most probably a pause to the downtrend so a new 2022 low should be expected. This is our most probable scenario. Breaking above the red trend line resistance is what we expect in order to call a reversal. Until then we remain bearish.
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