XRP/USD is trading below $0.80 as expected, since bulls were not strong enough to push price above $0.90-$1.06. XRP/USD is now challenging the support area of $0.65-$0.75 which was previous major resistance. This back test of the break out area is a major event for XRP/USD.
Green rectangle- major support
Red line -major trend line support
Not long ago, the $0.65-$0.75 area was huge resistance. Back in April of 2021 this resistance was broken and it was big news back then for XRP/USD. Price climbed to $1.97 but is pulling back since then. Price is making lower highs and lower lows. First it was the lower high of $1.76, then $1.70 and recently $1.06. Bulls have not shown any sign of strength but only short-lived bounces. Of course that is not enough for the up trend to resume. Bears remain in control of the trend and if price breaks below $0.60 I would not be surprised to see XRP/USD as low as $0.40 again.
The material has been provided by InstaForex Company - www.instaforex.com