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10.10.202214:08 Forex Analysis & Reviews: XRPUSD challenges important Fibonacci resistance.

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Red lines- Fibonacci retracement levels

Green line- resistance trend line

XRPUSD is trading around $0.50-$0.52. Short-term trend remains supported as price has re-visited the 38% Fibonacci retracement resistance of the decline from $0.9094. So far price has already visited the 38% retracement at $0.5250 and last time it got rejected. A Daily close above the 38% is what bulls are looking for. Another rejection at the 38% retracement level would be a sign of weakness and a bearish sign. This would increase chances of a pull back towards $0.40 or lower. It is imperative for bulls to push above the Fibonacci resistance to new short-term higher highs for this trend to continue.

Alexandros Yfantis
Analytical expert of InstaForex
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