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04.01.202315:01 Forex Analysis & Reviews: XRPUSD continues to respect major long-term support at $0.30-$0.29

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.

Exchange Rates 04.01.2023 analysis

Red line- major resistance trend line

Green rectangle- support

The weekly candle in XRPUSD has tested the major horizontal support area successfully. Price respected support and is now bouncing higher. Price remains below the key downward sloping resistance trend line. Resistance is found at $0.37. As long as price is below this level bears remain in control of the trend. This week's low at $0.2985 is key support. Failure to stay above it can lead XRPUSD towards $0.20-$0.15. On the other hand a break above the red trend line could be the start for a new upward move that could bring price towards $0.55 at least.

Alexandros Yfantis
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