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21.03.202316:43 Forex Analysis & Reviews: Bullish break out in XRPUSD

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Green rectangle- support area

Black line- resistance trend line

XRPUSD is trading around $0.42. Price has now broken above the multi week downward sloping trend line resistance. Price has been respecting the key support at $0.30 for the past 9 months. Every bounce off the key horizontal support formed a lower high, confirming the importance of the trend line resistance. Today we have an impressive break out. XRPUSD is now challenging the January 2023 highs. The bullish momentum we are currently in suggests that we could soon break above these highs. Price has formed a higher low around $0.35 and a break above $0.4310 would be an added bullish signal. XRPUSD could be in the process of a major trend reversal.

Alexandros Yfantis
Analytical expert of InstaForex
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