12.01.202216:02 Forex Analysis & Reviews: XRPUSD could reach $0.85 soon.

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 like most of the cryptocurrencies are showing short-term reversal signals and signs of strength. In the 4 hour charts price has broken above short-term resistance and provided a short-term reversal signal.

Red line - short-term resistance (broken)

Blue line- resistance

XRPUSD is turning higher and is making higher highs and higher lows. There is potential for price to test the next important resistance at $0.85 area. It is too soon to tell if the low made two days ago, around $0.69, is a major low. Bulls have a lot of work ahead of them. At $0.82 we find the 38% Fibonacci retracement of the entire decline from $1.015. At $0.85 we find the 50% retracement and the horizontal resistance as shown in the chart above. Bulls need to break above this level in order to hope for a bigger reversal.

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