Yellow rectangle- previous resistance is now support
Blue line- support trend line
XRPUSD is trading around $0.60. XRPUSD is on its 5th straight week under pressure after the judge ruling and the explosion towards $1. At that time we noted that price formed another lower high and at the same time the major resistance trend line was not broken. XRPUSD is now back testing the yellow rectangle area which was once resistance. This area is now support and there are also increased chances of a move even lower towards the blue upward sloping support trend line around $0.48-$0.52. Short-term trend remains bearish. Price remains vulnerable to a move lower.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- previous resistance is now support
Blue line- support trend line
XRPUSD is trading around $0.60. XRPUSD is on its 5th straight week under pressure after the judge ruling and the explosion towards $1. At that time we noted that price formed another lower high and at the same time the major resistance trend line was not broken. XRPUSD is now back testing the yellow rectangle area which was once resistance. This area is now support and there are also increased chances of a move even lower towards the blue upward sloping support trend line around $0.48-$0.52. Short-term trend remains bearish. Price remains vulnerable to a move lower.
The material has been provided by InstaForex Company – www.instaforex.com
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