Cryptocurrency Analysis

[IFX_Selena]

XRP/USD still below key resistance, vulnerable to a move towards $1.30

XRP/USD is still trading below $1.55-$1.65 resistance. Bulls are still unable to break above the resistance are in order to continue higher towards $1.80-$2. As we mentioned in our previous analysis on XRP/USD, as long as price is below $1.60, it is vulnerable to a deeper pull back.



Red rectangle - resistance area

Green line - trend line support

XRP/USD has also broken the green support trend line. Another sign of weakness. However price did not make a lower low than $1.31. Resistance at $1.63-$1.66 if broken will push price towards $1.75-$1.85. On the other hand if price continues to be weak, we should expect it to move lower towards $1.30 maybe break it. Next target would be $1.18. Concluding, as long as price is below the red rectangle area, price is vulnerable to a move lower. If bulls manage to recapture $1.63-$1.70, then I expect $1.97 to be broken with $2.10-$2.20 first target area.





Alexandros Yfantis
Analytical expert
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