24.11.202116:13 Forex Analysis & Reviews: XRPUSD tests major support at $1.

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 remains under pressure. Price is making lower lows and lower highs. Bears remain in control of the trend as long as price is below $1.08. Price has formed a descending triangle pattern. This is a bearish pattern that usually provides a new sell signal by breaking below support.

Red line - key resistance

Blue rectangle -horizontal support

XRPUSD is challenging the horizontal support area around $1. Price remains below the key red downward sloping resistance trend line. Bulls need to break above $1.08 in order to break this resistance and give the first reversal sign. So far the blue rectangle support area at $1 has been tested several times but each time the bounce that followed, was shorter than before. This is a sign of weakness and most probably we will see price eventually break below $1 towards $0.80.

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