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04.10.202214:39 Forex Analysis & Reviews: Weekly update on XRPUSD price action.

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Green line- resistance trend line

XRPUSD is positive for the current week as it bounces off the broken trend line resistance. Last week price pulled back to back test the break out area. The green downward sloping trend line is broken and price remains above it. This is key for bulls if they are to hope for a major reversal. If XRPUSD bulls manage to recapture $0.50-0.52 on a weekly basis, then we should expect XRPUSD to continue higher towards the 61.8% Fibonacci retracement resistance at $0.67. This is the next major resistance. On the other hand, bulls do not want to see price fall below $0.42. This would a bearish signal as it will increase chances that the upward break out was a fake one.

Alexandros Yfantis
Analytical expert of InstaForex
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