Technical analysis on XRPUSD for September 6th, 2023.
September 6, 2023 2:24 pm
Red line- resistance
Blue line- support
XRPUSD is trading around $0.50. Price is trading just above the $0.50 price level for the last two weeks. This is where we find an important support trend line coming from November 22 lows. Price remains below the red major downward sloping resistance trend line with a new lower high formed this past summer after the initial enthusiasm that followed the judge’s ruling on the case of SEC Vs Ripple. Technically bulls do not want to see price break below the blue trend line. A break below this support will put more pressure to XRPUSD and might push price lower towards $0.40 or even $0.30. Bulls need to respect the blue support trend line and push price towards the major red trend line and break it. Only then we can say that a new upward wave has started.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- resistance
Blue line- support
XRPUSD is trading around $0.50. Price is trading just above the $0.50 price level for the last two weeks. This is where we find an important support trend line coming from November 22 lows. Price remains below the red major downward sloping resistance trend line with a new lower high formed this past summer after the initial enthusiasm that followed the judge’s ruling on the case of SEC Vs Ripple. Technically bulls do not want to see price break below the blue trend line. A break below this support will put more pressure to XRPUSD and might push price lower towards $0.40 or even $0.30. Bulls need to respect the blue support trend line and push price towards the major red trend line and break it. Only then we can say that a new upward wave has started.
The material has been provided by InstaForex Company – www.instaforex.com
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