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Red line- major resistance trend line
Black line- support trend line
Yellow rectangle- horizontal resistance area
Blue lines- trading range
XRPUSD is trading around $0.57 today. Today's price action is promising as price is breaking above the yellow rectangle resistance area and XRPUSD is also breaking above and out of the trading range it was over the last 2 months. If bulls manage to maintain price above $0.55, then there is potential for XRPUSD to continue even higher towards the next major resistance at $0.75. Bulls need to break above $0.75 in order to hope for a bigger bounce towards the major red resistance trend line. Inability to break above $0.75 will result in the formation of a new lower high and the reversal back towards the black long-term support trend line. Short-term momentum is bullish. Bulls want to close the week above $0.55.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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