Despite the negative sentiment among most cryptocurrencies at the start of the week, XPR is showing signs of strength as price respects support and moves higher towards recent highs. XRP/USD has been differentiated from Bitcoin that is showing major topping signs.
Red lines – resistance trend lines
Blue lines- support trend lines
Green rectangle- major horizontal support area
XRP/USD made a high yesterday just above $1.60 while today price pulled back towards $1.30. The key support at $1.20 remains intact. Price has now moved above the short-term resistance trend line once again and has potential of reaching the upper resistance trend line at $1.65. As we explained in our last post, a break above $1.61 would be a bullish sign. XRP/USD shows that it is not so much affected by the negativity in other cryptocurrencies and might start a big upward move soon, if resistance is broken. We remind that bulls do not want to see price break below $1.20 as this will lead to a deeper decline towards $1 and lower.
The material has been provided by InstaForex Company – www.instaforex.com
Despite the negative sentiment among most cryptocurrencies at the start of the week, XPR is showing signs of strength as price respects support and moves higher towards recent highs. XRP/USD has been differentiated from Bitcoin that is showing major topping signs.
Red lines – resistance trend lines
Blue lines- support trend lines
Green rectangle- major horizontal support area
XRP/USD made a high yesterday just above $1.60 while today price pulled back towards $1.30. The key support at $1.20 remains intact. Price has now moved above the short-term resistance trend line once again and has potential of reaching the upper resistance trend line at $1.65. As we explained in our last post, a break above $1.61 would be a bullish sign. XRP/USD shows that it is not so much affected by the negativity in other cryptocurrencies and might start a big upward move soon, if resistance is broken. We remind that bulls do not want to see price break below $1.20 as this will lead to a deeper decline towards $1 and lower.
The material has been provided by InstaForex Company – www.instaforex.com
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