02.11.202222:43 Forex Analysis & Reviews: Short-term technical analysis on XRPUSD.

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Red rectangle- resistance

Green rectangle- support

XRPUSD is trading around $0.44. Price is under pressure and is vulnerable to a move towards the horizontal support area of $0.42-$0.43. As long as price is above this level, bulls have hopes for another move higher towards $0.54. The $0.42-$0.43 support zone has already been tested twice. After the second failed attempt to break below it, price bounced towards $0.48 and formed a lower high thus far. If this formation is combined with a break below the support area, we will get a new strong bearish signal that will imply more downside should be expected for XRPUSD. Our first most probable target would be at $0.38.

Alexandros Yfantis
Analytical expert of InstaForex
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