XRP/USD pair’s attempt to rise after consolidating above the level of 0.5110 expectedly turned out to be unsuccessful. The reason lies on the local upward channel 0.3883 – 0.4469 – 0.4645 from February 7 (highlighted in a dashed line in the chart).
Apparently, the breakdown of the resistance of this trend was a false one, despite the fact that the preconditions to break through the level of 0.5110 were present.
It is noteworthy that on the four-hour chart, a bearish absorption candlestick pattern formed during the rapid fall to the last. However, XRP/USD managed to recover some of its losses in the end, and the bearish candle received a long lower shadow.
As for the hourly chart, one can observe that the breakdown of the lower border of the upward trend and the support level of 0.4769 resisted, whose breakdown (punctured by shadows) turned out to be false too. In this case, the price recovers in the channel, which is quite technical. However, these long shadows and false breakdowns are somewhat confusing, forcing us to stay aside.
Now, it is worth noting the borders of the ascending channel 0.3883 – 0.4469 – 0.4645 from February 7 and the side range of 0.4769 – 0.5110. We will continue to observe whether there will be an exit from then up soon, or both support levels will be broken.
The material has been provided by InstaForex Company – www.instaforex.com
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