Technical analysis on XRPUSD for October 4th, 2023.
October 4, 2023 3:23 pm
Black line- horizontal resistance
Green line- support trend line
Red line- major resistance trend line
XRPUSD is trading around $0.53. Price has started forming higher highs and higher lows in the near term. There a short-term bullish momentum push XRPUSD higher. Support is found at $0.50 and resistance at $0.55-$0.56. XRPUSD is expected to test this horizontal resistance level and a break above it could help price push higher towards $0.62. In the near term I believe it is more probable to see price bounce higher than breaking below $0.50. A break below $0.50 would be a new sign of weakness and could lead price towards $0.46 at least.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- horizontal resistance
Green line- support trend line
Red line- major resistance trend line
XRPUSD is trading around $0.53. Price has started forming higher highs and higher lows in the near term. There a short-term bullish momentum push XRPUSD higher. Support is found at $0.50 and resistance at $0.55-$0.56. XRPUSD is expected to test this horizontal resistance level and a break above it could help price push higher towards $0.62. In the near term I believe it is more probable to see price bounce higher than breaking below $0.50. A break below $0.50 would be a new sign of weakness and could lead price towards $0.46 at least.
The material has been provided by InstaForex Company – www.instaforex.com
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