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06.12.202216:18 Forex Analysis & Reviews: Weekly analysis on XRPUSD

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Red line -long-term resistance trend line

green rectangle- horizontal support

Blue rectangle- horizontal resistance

XRPUSD is trading around $0.3844 as price remains under pressure and under the control of the bears. Over the last few months, price has made no real progress as it mostly moved sideways. We saw prices spike in August but the bounce was not strong enough for price to break above key resistance trend lines. Resistance is now found at $0.42-$0.43 where a confluence of horizontal resistance and trend line resistance meets. Support remains key at $0.30-$0.29. A break below this level could lead to another sell off towards $0.15. Bulls need to break above the red trend line resistance and the blue horizontal resistance area in order to gain some bullish momentum.

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