XRP/USD is mostly moving sideways for the last couple of sessions. Price is moving inside a trading range between $1.30-$1.43. Price has formed a bullish flag pattern and I expect price to soon provide an upward break out with a target around $1.70. As long as price is inside the trading range we should not rule out another pull back towards $1.30.
Red rectangle – major Fibonacci resistance
Black line -resistance trend line (broken)
Green lines – bullish flag pattern
XRP/USD is trading between the 38% and 50% Fibonacci retracement levels. Price is consolidating. After the strong upward move from $1.15 to $1.45, price is now cooling down in a consolidation phase. Usually what follows is another upward move. Breaking above the red rectangle Fibonacci resistance will be an important win for bulls. Failure to stay above $1.30 will be a sign of weakness and could bring XRP/USD back towards $1.
The material has been provided by InstaForex Company – www.instaforex.com
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