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22.09.202215:36 Forex Analysis & Reviews: XRPUSD approaches major resistance.

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Red line- major resistance trend line

Blue lines - trading range

Yesterday we noted on time that XRPUSD was breaking out of the trading range it was in for the last few months. Price today is trading above $0.43 with potential to reach the major downward sloping trend line resistance at $0.46. The break out yesterday was an important bullish signal. Our target is around $0.46 where we expect to see the next big rest. A rejection will bring price back towards $0.40 if not lower. On the contrary, a break above $0.46 will provide a new bullish signal and our target will then be at $0.55-0.56 with potential to reach even higher.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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