While Bitcoin was rising from $43,000 to $49,000, together with other cryptocurrencies, XRPUSD was unable to produce a bounce above $1.10. Price continues to trade sideways just above the $1 price level after the sharp decline from $1,41.
XRPUSD is trading right on top of the 38% Fibonacci retracement. Current price action suggests that if price fails to hold $1, we should see a new move lower towards the 61.8% Fibonacci retracement and the $0.86 level. Price is vulnerable to another sell off as long as price is below $1.13. The next leg down should not take much time to unfold as I expect to see it over the next few days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.