XRP/USD aftrer reaching as high as $0.5981 is now pulling back towards the upper triangle boundary at $0.48. Price is now trading at $0.51 and once again heavy selling pushed price from the $0.60 area back to $0.50.
Blue lines -triangle pattern
With the result of the SEC lawsuit against Ripple being one of the most anticipated events of the coming weeks, price shows signs of an upward break out. Technically breaking out and above the triangle pattern is a bullish sign and should eventually bring price towards $0.65-$0.75 major long-term resistance area. This week we see price pull back as a back test of the triangle breakout. Bulls want to see price touch the upper triangle boundary and bounce from that level. Bulls do not want to see price get back below $0.48. If this happens then we should be ready for a bigger pull back even towards $0.39.
The material has been provided by InstaForex Company – www.instaforex.com
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