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24.10.202109:29 Forex Analysis & Reviews: XRPUSD remains below key 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.

XRPUSD continues to trade above the $1 short-term support level and below the key resistance area of $1.15-$1.24. Price has made no real progress the last few days and traders need to remain patient.

Exchange Rates 24.10.2021 analysis

Orange lines - resistance trend lines

Blue line- support trend line

Red rectangles- lower highs

XRPUSD is forming lower highs (red rectangles) as price touches the resistance trend lines. This is not a good sign. On the other hand price continues to respect the blue support trend line. This is crucial for bulls. Things are simple with XRPUSD. Break above $1.15-$1.24 and price will continue higher at least towards $1.40-$1.50. Break below $1 and price will be vulnerable to a move towards $0.85.

Alexandros Yfantis
Analytical expert of InstaForex
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