XRP/USD made a low today around $1.12 having made a high this week at $1.9617. So far price has retraced 61.8% of the latest rise after the break out at the beginning of April. Price has broken below our horizontal support levels and has reached our next pull back target area which was around $1.10.

analytics607ca3504a69e.jpg

Blue line – support (broken)

Orange line – resistance

Green rectangle – horizontal resistance

Red rectangles- horizontal support levels

Red lines -Fibonacci retracements

XRP/USD has already broken the blue trend line support and as per our analysis this was a sign that a deeper correction was coming. In our last analysis we warned traders that as long as price was trading below $1.80-$1.84 price was vulnerable to a move towards $1.10 specially if $1.40 was broken. Price has now reached the second horizontal support area and 61.8% Fibonacci retracement. This area of support is very important and we already witness a bounce off this support. In order to confirm a major low in place, price will need to break above the orange downward sloping resistance trend line. This resistance is at $1.61. Until then, there is still danger of a deeper pull back below $1.00. 61.8% retracement levels are usually trend change levels, so there are increased chances that price turns around from this support area and starts its next leg higher. If the low is in and we are starting the next bullish move, our target is at $2.55 and next at $3.41.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.