Technical analysis on XRPUSD for October 10th, 2023.
October 10, 2023 2:24 pm
Green line- support
Blue lines- Fibonacci retracement levels
Red line- major resistance
XRPUSD is showing signs of weakness. Price got rejected at the 23.6% Fibonacci retracement where it made a double top. Price is now breaking below the green upward sloping support trend line. In our previous posts we warned that a break below $0.50 will open the way for a deeper decline towards $0.47 and lower. Price has stopped the sequence of higher highs and higher lows by breaking below the green trend line. This price action gives even more importance to the recent double top around $0.5470. In order for a bigger move higher to start, bulls will need to push price above $0.5470. Until then price will be vulnerable to a move towards $0.46.
The material has been provided by InstaForex Company – www.instaforex.com
Green line- support
Blue lines- Fibonacci retracement levels
Red line- major resistance
XRPUSD is showing signs of weakness. Price got rejected at the 23.6% Fibonacci retracement where it made a double top. Price is now breaking below the green upward sloping support trend line. In our previous posts we warned that a break below $0.50 will open the way for a deeper decline towards $0.47 and lower. Price has stopped the sequence of higher highs and higher lows by breaking below the green trend line. This price action gives even more importance to the recent double top around $0.5470. In order for a bigger move higher to start, bulls will need to push price above $0.5470. Until then price will be vulnerable to a move towards $0.46.
The material has been provided by InstaForex Company – www.instaforex.com
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