22.04.202116:40 Forex Analysis & Reviews: Short-term technical analysis on XRP/USD for April 22, 2021

XRP/USD is trading around $1.30. Short-term trend remains bearish as price is still below key resistance trend line. Since April 18th price is mostly moving sideways. Price has formed a triangle pattern. Traders need to keep a close eye on the triangle boundaries for additional signals.

Exchange Rates 22.04.2021 analysis

Green rectangles- horizontal resistance levels

Red rectangle - horizontal support level

Red lines -Fibonacci retracements

Blue line- lower triangle boundary

Black line - resistance trend line

XRP/USD will soon see volatility increase. Soon we will have either a sell off towards $1-$0.90 or a break upwards and a move at least towards $1.70-$1.80. Price has already retraced 61.8% of the upward move and break out from $0.55. The decline from $1.97 seems corrective. I expect in the medium- to long-term to see at least one more big upward move. Breaking above $1.40 could be the first sign of strength and first step of such a move. If however the triangle breaks to the downside I expect price to reach $1-$0.90 zone for the final low. As long as price is below the black trend line bears remain in control.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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