empty
 
 
30.09.2022 01:56 PM
Weekly chart analysis on XRPUSD.

This image is no longer relevant

Green line - resistance trend line

Red lines- Fibonacci retracement levels

XRPUSD recently made a strong upward bounce from $0.33 to $0.55. Price has broken above the green downward sloping resistance trend line coming from the 2021 high. Price has so far retraced 38% of the decline from $0.9094. After last week's high at $0.55, price pulled back towards $0.41 and so far a higher low has been formed. Staying above the green trend line resistance is key for the medium-term trend. Forming higher lows and staying above the green trend line is key for the start of a new upward trend. Next upside target is at the 61.8% Fibonacci retracement at $0.67. Holding above $0.40 is critical. However there are still some possibilities that this entire upward move is just another counter trend bounce. This bearish scenario has not been cancelled yet.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback