Technical analysis on XRPUSD for week starting November 6th, 2023.
November 6, 2023 5:22 pm
Red line- major resistance trend line
Blue lines- Fibonacci retracement levels
Yellow rectangle- resistance (broken)
Black line- major support trend line
XRPUSD is currently trading above $0.70. Recently XRPUSD provided us with a bullish reversal signal when price broke above the horizontal resistance area around $0.55. Short-term trend is bullish as price is making higher highs and higher lows. Key support trend lines were respected and now price is breaking above Fibonacci retracement resistance levels. XRPUSD has broken also above the 50% Fibonacci retracement level and is heading towards our next target at $0.73 where we find the key 61.8% retracement level. With a higher low at $0.43, without breaking below the black support trend line, XRPUSD continues to have the potential to test the red major downward sloping trend line.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- major resistance trend line
Blue lines- Fibonacci retracement levels
Yellow rectangle- resistance (broken)
Black line- major support trend line
XRPUSD is currently trading above $0.70. Recently XRPUSD provided us with a bullish reversal signal when price broke above the horizontal resistance area around $0.55. Short-term trend is bullish as price is making higher highs and higher lows. Key support trend lines were respected and now price is breaking above Fibonacci retracement resistance levels. XRPUSD has broken also above the 50% Fibonacci retracement level and is heading towards our next target at $0.73 where we find the key 61.8% retracement level. With a higher low at $0.43, without breaking below the black support trend line, XRPUSD continues to have the potential to test the red major downward sloping trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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