Weekly XRPUSD analysis for week starting June 26th.
June 26, 2023 1:23 pm
Yellow rectangle- resistance
Blue line- support trend line
XRPUSD is trading around $0.48. Recently price got rejected once again at the yellow rectangle resistance area of $0.52-$0.55. Despite the rejection each pull back that followed produced a higher low. There is a blue upward sloping support trend line that is being respected with higher lows. XRPUSD has formed an ascending triangle pattern. The boundaries remain clear and confirmed by previous price action. Bulls need to break above $0.52 on a weekly basis in order to produce a sign of strength. On the other hand a break below the blue trend line will be a sign of weakness and if this happens, we should expect XRPUSD to push lower towards $0.40 and below.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- resistance
Blue line- support trend line
XRPUSD is trading around $0.48. Recently price got rejected once again at the yellow rectangle resistance area of $0.52-$0.55. Despite the rejection each pull back that followed produced a higher low. There is a blue upward sloping support trend line that is being respected with higher lows. XRPUSD has formed an ascending triangle pattern. The boundaries remain clear and confirmed by previous price action. Bulls need to break above $0.52 on a weekly basis in order to produce a sign of strength. On the other hand a break below the blue trend line will be a sign of weakness and if this happens, we should expect XRPUSD to push lower towards $0.40 and below.
The material has been provided by InstaForex Company – www.instaforex.com
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