Technical analysis on XRPUSD for September 12th, 2023.
September 12, 2023 2:23 pm
Red line- major resistance trend line
Blue line- support trend line
XRPUSD is trading below $0.50. Price has made a low around $0.47 below the near term upward sloping trend line. This is a sign of weakness. If the weekly chart closes below $0.50, we should expect more downside to come over the coming weeks. XRPUSD formed a major high (lower high) in July very close to $1, but bulls failed to hold on to their gains. XRPUSD next support is at $0.46. Failure to hold above this level can lead XRPUSD back towards $0.30.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- major resistance trend line
Blue line- support trend line
XRPUSD is trading below $0.50. Price has made a low around $0.47 below the near term upward sloping trend line. This is a sign of weakness. If the weekly chart closes below $0.50, we should expect more downside to come over the coming weeks. XRPUSD formed a major high (lower high) in July very close to $1, but bulls failed to hold on to their gains. XRPUSD next support is at $0.46. Failure to hold above this level can lead XRPUSD back towards $0.30.
The material has been provided by InstaForex Company – www.instaforex.com
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