XRP/USD is trading around $1.70 just above the short-term trend line support. Price topped yesterday at $1.9617 and pulled back as low as $1.5676. Trend remains bullish as long as price is above $1.06 but if price breaks below $1.64, I expect a deeper correction to follow.
Blue lines- support trend lines
Red lines – Fibonacci retracement levels
Red rectangles- horizontal support levels.
So far XRP/USD is respecting the first upward sloping blue trend line. Breaking below it will make me expect price to reach the second blue trend line and the first horizontal red support area around $1.50. If this happens I would expect the correction and consolidation period for XRP/USD to last more than a week. Resistance is at $1.80-$1.88. If bulls manage to break this level then we forget the pull back to $1.50 and expect new highs above $2. If $1.80-$1.88 is broken, our first target will be $2.18 and next at $2.59.
The material has been provided by InstaForex Company – www.instaforex.com
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