XRPUSD continues to respect channel boundaries.


XRPUSD is trading around $1.12 after reaching as high as $1.22 which was just a cent below our first target. Price continues to respect the bullish channel boundaries and as long as this is the case, bulls will remain in control of the trend.

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Blue lines - bullish channel

XRPUSD is right on top of the lower channel boundary. Support is at $1.08 and a daily close below this level will be a sign of weakness. If price breaks out of the bullish channel, then we should expect price to make a pull back towards the recent major support at $1-$0.98 area. Resistance is found at $1.16. A daily close above this level will open the way for a move above $1.22 recent high towards our next upside target of $1.42. Ideal scenario for bulls would be for price to pull back towards $1 and then form a higher low and start a new upward move that will eventually push price above $1.42.





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Alexandros Yfantis
Analytical expert of InstaForex
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