XRPUSD is trading around $1.06. With a recent low at $1.01, price recently tested the channel boundaries but the key support at $1 was respected. Price briefly moved out of the bullish channel but is back inside it. As long as this is the case, bulls have hopes for another move higher towards the major resistance of $1.13 and $1.24.
Blue rectangle- support
Black lines - Fibonacci retracements
XRPUSD is making higher highs and higher lows since it started this upward move back in September around $0.85. Price so far has retraced 61.8% of the entire upward movement. The correction could already be over. In order to be more sure that a major low is in, XRPUSD will need to break above $1.24 recent highs. Failure to stay above $1 will be a sign that price will be vulnerable to another sell off towards $0.85 and why not lower.
The material has been provided by InstaForex Company - www.instaforex.com