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30.05.202315:01 Forex Analysis & Reviews: XRPUSD breaks out of bearish channel

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XRPUSD is trading around $0.4979. Sort-term trend is changing to bullish as price is breaking out of the bearish channel it was and is starting making higher highs and higher lows. Price has formed an important low at $0.4080. Last Friday XRPUSD broke above the upper channel boundary and 4 sessions later price continues making higher highs. Next resistance is at $0.5450. However a weekly close above $0.52 would be equally important to breaking above $0.5450. Support is at $0.44. Bulls do not want to see price break below this level. Upside potential for XRPUSD can reach $0.80 if price breaks above $0.56.

Alexandros Yfantis
Analytical expert of InstaForex
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