XRPUSD vulnerable to more downside if price breaks below $1.


XRPUSD remains under pressure. Price is making lower lows and lower highs. Bears remain in control of the trend as long as price is below $1.08. Price has formed a descending triangle pattern. This is a bearish pattern that usually provides a new sell signal by breaking below support.

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Red line - key resistance

Blue rectangle -horizontal support

XRPUSD is challenging the horizontal support area around $1. Price remains below the key red downward sloping resistance trend line. Bulls need to break above $1.08 in order to break this resistance and give the first reversal sign. So far the blue rectangle support area at $1 has been tested several times but each time the bounce that followed, was shorter than before. This is a sign of weakness and most probably we will see price eventually break below $1 towards $0.80.





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Alexandros Yfantis
Analytical expert of InstaForex
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