For Traders

Analytical Reviews

Crypto-currencies

29.03.202314:25 Forex Analysis & Reviews: XRPUSD reaches our next target at $0.57.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red line- major horizontal resistance

Green rectangle- major support area

In our previous analysis we noted that XRPUSD was in a bullish break out mode and that upside potential was towards $0.57 and the September 2022 high. Price today reached as high as $0.5823 surpassing our target. Short-term trend remains bullish as price continues making higher highs and higher lows. Support at $0.43 has held and price has moved higher as expected. If bulls continue to maintain control of the trend, then our next target would be around $0.69. Bulls must focus on a weekly close above $0.57. This would be an important win for them. A rejection at $0.57 could lead to a pull back towards $0.45.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade