XRPUSD is trading around $0.4589 after a strong bounce off the $0.4080 lows. Price is now trading just below the upper channel boundary. Price remains inside the red downward sloping channel but below the upper boundary resistance at $0.4650. XRPUSD needs to break above and out of the bearish channel in order to change short-term trend. So far price remains below the key channel resistance. A rejection at $0.46 could lead to another sell off towards $0.40 and maybe lower. At current levels traders better remain patient and cautious. The RSI is in the middle of the range with a flat slope, showing indecisiveness.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
XRPUSD is trading around $0.4589 after a strong bounce off the $0.4080 lows. Price is now trading just below the upper channel boundary. Price remains inside the red downward sloping channel but below the upper boundary resistance at $0.4650. XRPUSD needs to break above and out of the bearish channel in order to change short-term trend. So far price remains below the key channel resistance. A rejection at $0.46 could lead to another sell off towards $0.40 and maybe lower. At current levels traders better remain patient and cautious. The RSI is in the middle of the range with a flat slope, showing indecisiveness.
The material has been provided by InstaForex Company – www.instaforex.com
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