21.12.202117:54 Forex Analysis & Reviews: XRPUSD bullish signal.

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XRPUSD has broken out of the bearish channel and has surpassed the first resistance level of $0.85. Price after reaching $0.91 has pulled back towards $0.82 as a back test of the break out of the channel. Now price is testing recent highs with increased probabilities of breaking to new higher highs.

Red lines- bearish channel

XRPUSD has support at $0.82 and next resistance at recent high of $0.91. Breaking to new higher highs will most probably lead price towards $0.9733 where we find the 50% Fibonacci retracement of the entire decline from $1.34 to $0.60. This could be the start of a major upward move, however it is still too early to call a major low is in. For this to happen, bulls will need to recapture $1.35.

Alexandros Yfantis
Analytical expert of InstaForex
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