30.03.202214:44 Forex Analysis & Reviews: XRPUSD respects bullish channel.

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XRPUSD is trading above $0.80. Short-term trend is bullish as price is making higher highs and higher lows. Price has formed an upward sloping channel since March 7th. So far price continues to respect the lower channel boundary.

Blue lines- bullish channel

Yesterday price touched the lower channel boundary and bulls managed to defend it. This support is at $0.84. Holding above this level is crucial for the short-term trend. XRPUSD has the potential to go higher towards $0.94 where we find the long-term key resistance. For now bulls seem in control of the short-term trend, however traders should not forget that XRPUSD remains trapped inside a long-term triangle pattern. XRPUSD is approaching the long-term important resistance and upper triangle boundary.

Alexandros Yfantis
Analytical expert of InstaForex
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