11.05.202116:00 Forex Analysis & Reviews: XRP/USD remains under pressure, vulnerable to more downside.

XRP/USD price made another dive yesterday towards $1.30 after getting rejected once again at the major resistance area of $1.55-$1.65. Short-term trend is vulnerable to a move towards $1.18-$1 as long as price is below $1.65.

Green rectangle - support

Blue lines - Fibonacci retracement

Price has so far retraced 61.8% of the rise from $0.88 to $1.76. Support is the recent low at $1.22. We warned traders in a previous analysis that a break below $1.35 would lead to a move towards $1.18 which was our next pull back target. Price so far reached $1.22. Breaking below $1.22 now would be a sign of weakness. This could lead to a move towards $1 or even lower. On the other hand bulls need to recapture $1.57 in order to hope for a trend reversal. So far price has made a higher low at $1.22. If bulls manage to make a higher high above $1.76 then we will have a strong bullish sign implying that a move above $2 is very close.