11.06.202116:29 Forex Analysis & Reviews: Short-term technical view on XRP/USD.

XRP/USD continues to trade inside the bearish short-term channel, trapped between the major resistance of $1.06 and the major support, previous breakout level of $0.65-$0.75. Since mid May price has not made any real progress.

Exchange Rates 11.06.2021 analysis

Red rectangle- resistance

Green rectangle - support

Red lines - bearish channel

Resistance by the bearish channel is found at $0.8850-$0.90. Bulls need to break above this level in order to hope for a bigger bounce towards $1.06. Another rejection at $0.89 will push price lower towards $0.77. Trend remains bearish. There is no reversal sign. Price remains inside the bearish channel and as long as this is the case, bears are in control of the trend.

*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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