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05.08.202121:56 Forex Analysis & Reviews: Bullish pattern in XRPUSD

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XRPUSD is trading again above $0.70. There are increased chances that XRPUSD has made a major low around $0.50 and is now starting a new up trend. Last April with the break above $0.65-$0.75 resistance price exploded towards $2. This pull back could very well be a back test of this break out.

Exchange Rates 05.08.2021 analysis

Red lines- bullish flag

If bulls manage to break again above this resistance level, then we could see a bigger rise above $2. In the short-term price is most probably forming a bullish flag pattern. A daily close above $0.74 will be a bullish sign and as long as price is above $0.68, we should expect XRPUSD to move towards $0.94-$1 at least if not higher.

Alexandros Yfantis
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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