fxmag.com
Red line- major resistance trend line
Blue lines- trading range
XRPUSD today got rejected at the upper trading range boundary. Price is in a sideways trading range for several months since June and has made no real progress. Last couple of trading sessions price moved higher towards $0.40 resistance but today its under pressure. XRPUSD getting rejected at $0.40 is a bearish sign. This implies that price is vulnerable to falling towards the lower range boundary close to $0.30-$0.28. Price remains below the key downward sloping trend line resistance. As we explained in previous posts, major bottoms are not formed with sideways movements. This sideways movement is most probably a pause to the downtrend so a new 2022 low should be expected. This is our most probable scenario. Breaking above the red trend line resistance is what we expect in order to call a reversal. Until then we remain bearish.
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Relevance up to 08:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.