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13.01.202317:50 Forex Analysis & Reviews: Weekly XRPUSD analysis for January 13th, 2023.

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Red line - resistance trend line

Green rectangle- support area

XRPUSD is trading around $0.3714 making new higher highs relative to last week. Price continued to respect the horizontal support area of $0.29-$0.30. Price is now close to breaking above the multi week downward sloping resistance trend line coming from $1.76. This move above the red trend line is a sign of strength. We can not confirm a trend reversal just yet. It is very positive that price has held above the green horizontal support area and that now we see the red trend line being broken. Major horizontal resistance is found at $0.56 and only after bulls recapture this level we will be starting to talk about the potential of a reversal or a new bull run.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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