17.11.202321:12 Forex Analysis & Reviews: Technical analysis on XRPUSD for November 17th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Blue lines- Fibonacci retracement levels

Green line- major support trend line

XRPUSD is trading around $0.60 after making a pull back close to $0.5855. Recently price made a new high with a failed candlestick forming a shooting star bearish candlestick pattern. We warned that a pull back will follow. Price from $0.74 has already retraced more than 50% of the entire upward move from $0.47. Key Fibonacci support is found at $0.5766. At the 61.8% retracement we usually see trend reversals. The RSI has still not reached oversold levels, but this is not necessary for an upward reversal. Price made a low close to the 61.8% retracement today. The next couple of sessions are very important as it will be decisive if we turn upwards or move lower towards the green major support trend line.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade