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16.06.202115:42 Forex Analysis & Reviews: XRP/USD vulnerable to a move towards $0.60.

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Price action in XRP/USD can not be characterized as bullish. Price has confirmed the importance of the $1.06 resistance and was rejected at that price level several times. Price formed a bearish channel in the short-term, but even exiting the bearish channel, was not followed by a move higher towards $1.

Red rectangle- resistance

Red line -support trend line

Green rectangle- major support

XRP/USD remains above the key long-term red trend line and above the breakout area of $0.65-$0.75. Inability to push price towards the key resistance of $1.05, will most probable lead to a deeper pull back towards the red trend line and inside the green area. Price is vulnerable to another move lower as long as price is below $1.06.

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