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05.08.202121:56 Forex Analysis & Reviews: Bullish pattern in XRPUSD

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XRPUSD is trading again above $0.70. There are increased chances that XRPUSD has made a major low around $0.50 and is now starting a new up trend. Last April with the break above $0.65-$0.75 resistance price exploded towards $2. This pull back could very well be a back test of this break out.

Red lines- bullish flag

If bulls manage to break again above this resistance level, then we could see a bigger rise above $2. In the short-term price is most probably forming a bullish flag pattern. A daily close above $0.74 will be a bullish sign and as long as price is above $0.68, we should expect XRPUSD to move towards $0.94-$1 at least if not higher.

Alexandros Yfantis
Analytical expert of InstaForex
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