Weekly analysis on XRPUSD for September 1st, 2023.
September 1, 2023 4:22 pm
Red line – major resistance trend line
Blue line- support trend line
XRPUSD is trading around $0.50. Price is under pressure for several weeks after the judge’s ruling back in the end of July and the spike towards $1. Price now challenging previous resistance that is now support. Ideally for bulls price will respect the blue support trend line and start a bounce from current levels. On the contrary if price breaks below the support trend line, we should expect XRPUSD to challenge the $0.40-$0.30 price area. As long as price holds below the long-term red downward sloping resistance trend line, XRPUSD will remain vulnerable to sellers.
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 around $0.50. Price is under pressure for several weeks after the judge’s ruling back in the end of July and the spike towards $1. Price now challenging previous resistance that is now support. Ideally for bulls price will respect the blue support trend line and start a bounce from current levels. On the contrary if price breaks below the support trend line, we should expect XRPUSD to challenge the $0.40-$0.30 price area. As long as price holds below the long-term red downward sloping resistance trend line, XRPUSD will remain vulnerable to sellers.
The material has been provided by InstaForex Company – www.instaforex.com
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