XRPUSD vulnerable to a move below $1.

XRPUSD after its inability to break above $1.34 and the top at $1.30, price is making lower lows and lower highs. Short-term trend is bearish and price is vulnerable to a move towards $1.02 where we find important Fibonacci support area. Breaking below $1 could lead to a move even lower towards the next major Fibonacci retracement level at $0.83.

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As can be seen in the Daily chart above, price is making a corrective pull back relative to the upward move from $0.50 to $1.34. Our most probable scenario is for price to make a corrective pull back between $1 and $0.82 and form a higher low before continuing its move higher. A pull back towards $0.82 would be an ideal level for buying. We are bullish XRPUSD as long as price is above $0.50.




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Alexandros Yfantis
Analytical expert of InstaForex
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