21.03.202316:43 Forex Analysis & Reviews: Bullish break out in XRPUSD

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.

Green rectangle- support area

Black line- resistance trend line

XRPUSD is trading around $0.42. Price has now broken above the multi week downward sloping trend line resistance. Price has been respecting the key support at $0.30 for the past 9 months. Every bounce off the key horizontal support formed a lower high, confirming the importance of the trend line resistance. Today we have an impressive break out. XRPUSD is now challenging the January 2023 highs. The bullish momentum we are currently in suggests that we could soon break above these highs. Price has formed a higher low around $0.35 and a break above $0.4310 would be an added bullish signal. XRPUSD could be in the process of a major trend reversal.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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