04.06.202113:58 Forex Analysis & Reviews: XRP/USD short-term analysis

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XRP/USD got rejected for the second time at the $1.06 resistance. Price is pulling back towards $0.90 where we find the upward sloping support trend line. Short-term traders need to be very cautious as a break below this trend line will open the way for a deeper pull back towards $0.80.

Red line -support trend line

Red rectangle - key resistance

Green rectangle -major support area

XRP/USD is still trading above the red upward sloping support trend line. Holding above it is key for the short-term trend. A bounce off this support trend line could bring price back to $1.06 for another try to break above it. As we mentioned above, breaking above $1.06 is key for the short-term uptrend. Breaking it will open the way for $1.20 and $1.45. Failure to stay above $0.90 will lead to a deeper pull back towards the green rectangle support area.

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