Technical analysis on XRPUSD for October 16th, 2023.
October 16, 2023 1:23 pm
Blue lines- bearish channel
Black line- horizontal resistance
XRPUSD is trading around $0.49. Price has broken above the short-term bearish channel it was. XRPUSD made a low around $0.4727 and is now bouncing higher towards the horizontal resistance of $0.5050. Having broken the bearish channel has provided us with a sign of strength. The area around $0.50 is considered major resistance as was once major support. Short-term support is found at $0.4845 and at $0.4775. Bulls need to defend these two levels in order to hope for a bigger bounce towards $0.52 or $0.53,
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bearish channel
Black line- horizontal resistance
XRPUSD is trading around $0.49. Price has broken above the short-term bearish channel it was. XRPUSD made a low around $0.4727 and is now bouncing higher towards the horizontal resistance of $0.5050. Having broken the bearish channel has provided us with a sign of strength. The area around $0.50 is considered major resistance as was once major support. Short-term support is found at $0.4845 and at $0.4775. Bulls need to defend these two levels in order to hope for a bigger bounce towards $0.52 or $0.53,
The material has been provided by InstaForex Company – www.instaforex.com
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