XRPUSD reached as high as $0.5262 yesterday. In our previous analysis we noted how important it was for bulls to recapture the $0.52 level on a weekly basis. Near term trend is bullish as XRPUSD is making higher highs and higher lows. First attempt to break above the resistance shown by the yellow rectangle failed. A pull back is justified after the rejection. Recent price action confirms the importance of the yellow rectangle resistance area. Recapturing this resistance area and trading above it is key for the medium-term trend. If bulls manage to recapture the $0.52-%0.54 level and stay above it, we should then expect a medium-term trend to unfold towards $0.80.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- resistance area
XRPUSD reached as high as $0.5262 yesterday. In our previous analysis we noted how important it was for bulls to recapture the $0.52 level on a weekly basis. Near term trend is bullish as XRPUSD is making higher highs and higher lows. First attempt to break above the resistance shown by the yellow rectangle failed. A pull back is justified after the rejection. Recent price action confirms the importance of the yellow rectangle resistance area. Recapturing this resistance area and trading above it is key for the medium-term trend. If bulls manage to recapture the $0.52-%0.54 level and stay above it, we should then expect a medium-term trend to unfold towards $0.80.
The material has been provided by InstaForex Company – www.instaforex.com
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