07.05.202117:03 Forex Analysis & Reviews: XRP/USD challanges important resistance area of $1.60-$1.70.

XRP/USD has come back towards the major resistance area of $1.60-$1.70. Price briefly moved above the resistance but price is back inside the resistance area. So far price action shows that bulls keep control of the trend and that price is being supported. After the huge upward move to $1.97 and the pull back just below $1, the price bounce that has followed makes me believe that the pull back to $0.88 was a back test of the major break out in April.

Exchange Rates 07.05.2021 analysis

Green rectangle -major support

Green line - short-term support trend line

Red rectangle -resistance area

XRP/USD is making higher highs and higher lows. Support by the green trend line is around $1.50-$1.45. Respecting this trend line and support levels is key for the bullish trend in XRP/USD. If bulls manage to recapture $1.60-$1.70 then we could see a move towards the recent highs of $1.90-$1.97 with increased chances of breaking them and pushing towards our next target of $2.70.

*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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