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24.05.202114:55 Forex Analysis & Reviews: XRP back tests major broken resistance area.

Long-term review
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.

So far the worst possible scenario for XRP has been confirmed. Price broke below the key support levels of $1,2 and $0.83 and has tested the major support, previous resistance area of $0.65-$0.75. Price today bounced off this break out area and so far we have a bullish back test of broken resistance.

Exchange Rates 24.05.2021 analysis

Green rectangle - major support

Red line - support trend line

XRP/USD is now trading above $0.85 again. It was only a one and a half month ago when prices were challenging the green rectangle area and were breaking out. Now price is back testing the support around this level. Bulls need to respect both the upward sloping red support trend line and the horizontal support. Bouncing off the support level is a bullish sign but it is still too early to call a major low in.

Alexandros Yfantis
Analytical expert of InstaForex
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