XRPUSD is trading around $1.12 after reaching as high as $1.22 which was just a cent below our first target. Price continues to respect the bullish channel boundaries and as long as this is the case, bulls will remain in control of the trend.
XRPUSD is right on top of the lower channel boundary. Support is at $1.08 and a daily close below this level will be a sign of weakness. If price breaks out of the bullish channel, then we should expect price to make a pull back towards the recent major support at $1-$0.98 area. Resistance is found at $1.16. A daily close above this level will open the way for a move above $1.22 recent high towards our next upside target of $1.42. Ideal scenario for bulls would be for price to pull back towards $1 and then form a higher low and start a new upward move that will eventually push price above $1.42.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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