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05.05.202122:29 Forex Analysis & Reviews: XRP/USD up against major short-term resistance

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.

XRP/USD has bounced back to its important resistance area of $1.55-$1.65 after touching our first pull back area of $1.35. Bulls need to break above the resistance area over the next couple of days, otherwise a rejection will follow and price might fall back to $1.35 and maybe lower.

Exchange Rates 05.05.2021 analysis

Red rectangle - major resistance

Blue lines - Fibonacci retracements

So far XRP/USD retraced 38% of the rise and is now back up inside the resistance area. Traders need to be cautious and not over optimistic. Bouncing off the 38% retracement is a good sign but also justified. Bulls need to break above the resistance area. Support is found at $1.52 and next at $1.37. If these levels are broken, then expect XRP/USD to push lower towards $1.18-$1. A break above resistance area will open the way for a move towards $1.80-$1.85 before breaking to new 2021 highs.

Alexandros Yfantis
Analytical expert of InstaForex
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