Just a few trading sessions before the end of the month we find XRPUSD trading around $0.70 in an eventful month. A few days ago the judge’s announcement spread euphoria among XRPUSD bulls pushing price as high as $0.9355 the highest levels since January of 2021. Price is now stabilising around $0.70. From a technical perspective XRPUSD formed a new lower high and remains below the red downward sloping resistance trend line. In order to call a trend reversal we need to see price break above the red trend line. In the near term price seems to have made a bottom around $0/28 and has started making higher highs and higher lows. Breaking above $1 and staying above it will signal the major trend reversal XRP followers expect.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- major resistance trend line
Just a few trading sessions before the end of the month we find XRPUSD trading around $0.70 in an eventful month. A few days ago the judge’s announcement spread euphoria among XRPUSD bulls pushing price as high as $0.9355 the highest levels since January of 2021. Price is now stabilising around $0.70. From a technical perspective XRPUSD formed a new lower high and remains below the red downward sloping resistance trend line. In order to call a trend reversal we need to see price break above the red trend line. In the near term price seems to have made a bottom around $0/28 and has started making higher highs and higher lows. Breaking above $1 and staying above it will signal the major trend reversal XRP followers expect.
The material has been provided by InstaForex Company – www.instaforex.com
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