XRP/USD was unable yesterday to break above the key short-term resistance at $1.06. Resistance at $1.06 was confirmed as price reached the area many times and bulls never managed to break above it. Price got rejected and is now moving towards lower retracement levels.
Red rectangle – resistance
Blue lines -Fibonacci retracement
XRP/USD has now retraced 50% of the initial upward move. As long as price is above May 23rd lows, bulls will continue to have hopes. With a deeper pull back and a low at $0.84 our price projections, if and when resistance at $1.06 are broken, are now at $1.24 and $1.49. If price pulls back towards the 61.8% level, our targets will be lowered. If support and important low at $0.65 fails to hold, I will not be surprised to see price challenge $0.40 again.
The material has been provided by InstaForex Company – www.instaforex.com
XRP/USD was unable yesterday to break above the key short-term resistance at $1.06. Resistance at $1.06 was confirmed as price reached the area many times and bulls never managed to break above it. Price got rejected and is now moving towards lower retracement levels.
Red rectangle – resistance
Blue lines -Fibonacci retracement
XRP/USD has now retraced 50% of the initial upward move. As long as price is above May 23rd lows, bulls will continue to have hopes. With a deeper pull back and a low at $0.84 our price projections, if and when resistance at $1.06 are broken, are now at $1.24 and $1.49. If price pulls back towards the 61.8% level, our targets will be lowered. If support and important low at $0.65 fails to hold, I will not be surprised to see price challenge $0.40 again.
The material has been provided by InstaForex Company – www.instaforex.com
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