XRPUSD reaches our first target


XRPUSD during the weekend reached our $1.23 target that we had once price broke above $1,09-$1.12 short-term resistance. Price is making higher highs and higher lows and it seems that bulls are in control of the short-term trend. However there is more work to be done by bulls in order to solidify their control.

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Black lines - Fibonacci retracements

Green lines- support trend line

In our last XRPUSD analysis we mentioned that our target would be at $1.23 if price were to break above $1.12. This would provide a bullish signal. Price continues to respect the upward sloping green line. Price has reached the 61.8% Fibonacci retracement of the entire decline. This is important resistance. Breaking above $1.23 and staying above this level is key for the continuation of the up trend.




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Alexandros Yfantis
Analytical expert of InstaForex
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