23.09.202116:42 Forex Analysis & Reviews: Has XRPUSD finished its pull back?

XRPUSD made a low $0.85 area. As was expected a few days ago when price was above $1, price has pulled back and declined towards our $0.86 target. Now price has already retraced 61.8% of the entire rise from $0.51 to $1.41.

Exchange Rates 23.09.2021 analysis

Green lines - Fibonacci retracements

Red lines - Fibonacci extension targets

XRPUSD is bouncing off the 61.8% retracement level. The entire decline from $1.41 could very well be over, however confirmation for this will come at much higher level. If price continues to hold above $0.85, we could see the next leg higher towards $1.75. Resistance is at $1.12, $1.24 and $1.41. Bulls need to start making higher highs and higher lows and eventually break these resistance levels. If that is ok, we should see $1.75 next. If price fails to hold support and recent lows at $0.85, we should then see a deeper pull back towards the 78.6% Fibonacci retracement.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021
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