Cryptocurrencies this week have drawn the attention of buyers and it seems that volatility is rising and we are close to a new trend starting. Most cryptocurrencies have broken short-term resistance levels and provided a bullish signal after a long time.
XRPUSD has also broken out of its short-term bearish channel providing a the first reversal signal after a long time. XRPUSD is reversing from the 78.6% Fibonacci retracement of the entire upward move from December 2020 lows to April 2021 highs. It is too early to tell if price made a major low at recent lowest levels or this is just a short-term bounce in progress. Cryptocurrencies usually make deep pull backs after up trends and it is not strange to see a 78.6% retracement. Having this in mind, there are many chances that the low is in for XRPUSD.
The material has been provided by InstaForex Company - www.instaforex.com