22.12.202115:47 Forex Analysis & Reviews: XRPUSD gets rejected at Fibonacci resistance.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

XRPUSD provided us a few days ago a bullish signal when price broke out of the bearish channel. Our target was at $0.97 where the 50% Fibonacci resistance was found if price were to break above $0.91. Price did exactly that but we also saw a rejection at that resistance.

Blue lines- bullish channel

Red lines -Fibonacci retracements

XRPUSD has formed a short-term bullish channel as price is making higher highs and higher lows after the December 13th low at $0.75. Channel support is found at $0.91-$0.90. What was yesterday resistance is now support. Price has already retraced 50% of the entire decline and as long as price is above $0.82, we could next see a move towards the 61.8% retracement level at $1.06.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade