XRP/USD came very close to the $2 price level as price made a high at $1.9617. Our target was at $1.97 and next target now will depend on the depth of the pull back. Price has turned lower after reaching $1.9617 and is now trading around $1.70.
Red rectangles – horizontal support levels
Blue lines- trend line support
Price remains in a bullish trend as it continues making higher highs and higher lows. The big question now is if the entire upward move from $0.45 is complete and we are correcting this move or we still have more upside and we should see a bigger correction later. Short-term trend remains bullish as long as price is above the blue trend lines. Closest support level is found at $1.60. Breaking below this level will open the way for a move lower towards $1.40. If this level fails to hold too then we should expect price to test the horizontal support at $1.06-$1.13. Below this last support things will get pessimistic for XRP/USD holders. A correction even towards $1.06 is justified. Not necessary for the uptrend to continue, but justified. Let’s not forget that price has more than doubled the last few days. Pull backs and corrections are essential for the up trend to gather more strength and get fuel for more upside. Resistance is found at $1.87. Breaking above this level will increase chances dramatically for a move above $2.
The material has been provided by InstaForex Company – www.instaforex.com
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